Prestige Group Subsidiary Acquires 4.57-Acre Land Parcel in Pune for ₹200 Crore, Marking First Residential Entry into the City
Prestige Exora Completes Kharadi Land Acquisition
Prestige Exora Business Parks, a subsidiary of Bengaluru-based Prestige Estates, has acquired a 4.57-acre land parcel in Pune's tech hub of Kharadi for ₹200 crore. Pune-based BU Bhandari M&M Realtors LLP sold the land parcel to Prestige Exora Business Parks on April 16, 2024, with stamp duty paid for the land transaction over ₹14 crore.
Transaction Structure
The purchaser paid ₹198 crore to the seller using a demand draft on April 20, 2024. The tax deducted at source (TDS) for the deal was over ₹2 crore, bringing the total land purchase cost to over ₹200 crore. This acquisition marks a significant move by Prestige Estates as part of a joint development agreement initially formed with landowner BU Bhandari M&M Realtors LLP in July 2017, which involved joint development of a larger land parcel. Earlier this year, both parties revised certain terms of the original joint development agreement. Following these amendments, the landowner sold and transferred the full land parcel, including all development potential, to Prestige Group.
Kharadi's Role as Pune's IT Hub
Kharadi, along with Hinjawadi, has become a major tech center in Pune. Developed by Panchshil Realty, EON Free Zone is the dominant IT and BFSI employer in the Kharadi-Wagholi-Viman Nagar corridor. Kharadi's IT ecosystem in Pune is built on world-class infrastructure that supports both global enterprises and fast-growing startups. Major business hubs like EON Free Zone, World Trade Center Pune, and Zensar Knowledge Park offer Grade-A office spaces equipped with advanced facilities such as high-speed internet, power backup, smart security systems, and sustainable building designs.
Kharadi, one of Pune's fastest-growing commercial and IT destinations, has evolved into a key center for software development, digital transformation, cloud services, and enterprise technology solutions. Notable occupiers include Amazon, Mphasis, KPIT Technologies, Zensar Technologies, and Citi Technology.
Prestige Group's Track Record
Prestige Estates Projects Limited was founded by Razack Sattar in 1986 and has grown into one of India's largest and most respected listed real-estate developers. Headquartered in Bengaluru and listed on both the BSE and NSE, the group operates across more than ten Indian cities—Bengaluru, Chennai, Hyderabad, Mumbai, Pune, Goa, Kochi, NCR, Calicut, Mangalore, and Mysuru—with a delivered footprint of more than 150 completed projects.
Prestige Estates Projects Ltd holds CRISIL's highest developer grade, DA1+, which reflects strong execution capability, financial stability and transparent documentation, and the rating was reaffirmed in 2025, making Prestige the only real estate company in India to hold DA1+. The group sold over 11,690 homes across 22.28 million sqft in FY26, with average realisations of ₹14,470 per sqft. Beyond residential, Prestige operates a substantial commercial, retail and hospitality portfolio including the UB City premium retail destination in Bengaluru, the Forum mall chain (13 completed malls totalling 10 million sqft), Marriott / Hilton / Sheraton-branded hotels, and IT-park developments leased to Fortune 500 occupiers.
Commercial Real Estate Expansion
This strategic investment marks a major step in the group's expansion into Pune and underscores the growing demand for commercial real estate in this burgeoning sector. Prestige Exora joins a roster of commercial and IT-park developments that the group operates across its pan-India footprint.