PRESTIGE KHARADI — New Project Coming Up in Kharadi, Pune
Prestige Exora Business Parks Marks Prestige Group's Commercial Expansion in Pune
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. The transaction between Pune-based BU Bhandari M&M Realtors and Prestige Exora Business Parks was finalized on April 16, 2024.
The acquisition represents a significant entry point for the developer into Pune's commercial real estate market. Prestige Group plans to launch its first residential project in Pune, signifying the company's strategic expansion into the region. The commercial development demonstrates the firm's broader confidence in the city's growth trajectory.
Kharadi's Evolution as a Business Hub
Kharadi, along with Hinjawadi, has become a major tech center in Pune, with many big Indian and foreign tech companies having opened offices in Kharadi's commercial buildings over the past ten years. Recently, manufacturing and financial companies have started setting up their global centers there.
Kharadi is home to the EON IT Park, a special economic zone owned by Panchshil and Blackstone. The upcoming extension of Pune Metro Line 2 will connect Kharadi to Bund Garden, Kalyani Nagar, and Ramwadi, reducing travel times across key zones. Kharadi offers direct access to Pune International Airport, situated approximately 8.5 kilometres away, making it exceptionally well-suited for corporates with frequent air travel needs and multinational firms choosing Grade-A office space for regional headquarters or operational centres.
Project Scope and Developer Credentials
Prestige Group was founded in 1986 and has built landmark homes, malls, offices, hotels, and townships across major cities like Bengaluru, Chennai, Hyderabad, Mumbai, Goa, and Pune. The company has delivered more than 180 million sq ft of completed projects and continues to grow with 86+ million sq ft under development.
The projected revenue potential of ₹750 crore to ₹1,000 crore indicates the significant market potential for residential real estate in Pune. This investment underscores the broader momentum in Pune's commercial and residential property sectors, with Kharadi positioned as a focal point for this growth.