Portfolio
Residential Projects, Pune
1
Project Details:
Asset Class

Development Size
: Residential
2.3 million square feet
Yatra's Commitment : EUR 17.90 million
Location : Pune, Maharashtra
Development Partner : Kolte Patil Developers Limited
Investment Date : April 2007
Equity Stake : 49%

Project

With rapid growth and development in the last few years, Pune has emerged as a pre eminent centre for economic activity nationally. Located 160 kilometres south-east of Mumbai and with a population of over five million, Pune has become a preferred location for manufacturing, automotive and information technology sectors. The city also has a large concentration of higher education institutions, a fact that has certainly helped accelerate the economic growth owing to the availability of a well-educated talent pool.

Continuing growth and large scale migration, has resulted in the Pune residential market seeing strong activity. To cater for this demand, Yatra has entered into a joint venture with Kolte Patil Developers Limited (KPDL) to develop multiple residential schemes.

The first scheme at Kharadi adjoins the arterial Nagar Road in the north and will meet the demand for quality residential space from the new growth corridor in the north-eastern economic hub of Kharadi. Subsequent to the year-end the Joint Venture acquired an additional contiguous 11 acres (Yatra's share of the consideration was EUR 4.95 million) which would further enhance project marketability. The integrated township will comprise of quality housing, retail and commercial spaces, schools, public gardens and entertainment facilities.

It is expected that the second scheme will be located at Mohammadwadi in south-east Pune, next to the high growth residential areas of Kondhwa and Wanowrie. Spread over 18 acres, the gross saleable area in the Mohammadwadi project is approximately 900,000 square feet. This land is currently under acquisition. Yatra is also evaluating other land acquisition opportunities with KPDL within Pune city.

Yatra's joint venture partner, KPDL is a listed real estate development company with a successful track record of over 15 years. It is one of the most highly regarded developers in Pune and has delivered in excess of four million square feet of real estate across the city.

Key Highlights

  • The projects are being positioned as mid market developments to appeal to a large section of buyers with budgets between EUR 50,000 to EUR 70,000 for two or three bedroom apartments.
  • The venture creates a platform for Yatra to invest into multiple residential schemes with KPDL.


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