Colliers India Facilitates 105-Acre Pune Land Deal Between Hiranandani and Krisala with GDV of ₹7,000 Crore
Colliers India has facilitated a Joint Development land deal in Pune between Hiranandani Group and Krisala Group. The land asset, covering 105 acres, is in North Hinjewadi and is owned by Hiranandani Group. While the group initially planned to sell the land, Colliers advised that a Joint Development would be a more beneficial approach for both parties.
Colliers structured an equal Joint Development agreement for a mixed-use project. This approach ensures a lower financial outgo while maximizing profitability.
Dr. Niranjan Hiranandani, Chairman of Hiranandani Group, highlighted the importance of infrastructure projects in enhancing connectivity between Mumbai and Pune. "Mega infrastructure projects are establishing crucial last-mile connectivity between Mumbai and Pune, invigorating the dynamic MMR and Pune real estate markets. This connectivity directly addresses the aspirational living demands of migrating talent. Pune's real estate sector is experiencing robust growth, propelled by its booming IT hubs, outstanding connectivity, and an influx of skilled professionals. The seamless connection between these two major business cities has opened unprecedented opportunities for real estate development," he said.
He also emphasized the evolving nature of real estate and the need for strategic collaborations. "The Indian real estate landscape is evolving rapidly, and it's clear that innovation and strategic collaboration are essential to achieving exponential growth," he added.
Sagar Agarwal, Promoter of Krisala Group, expressed optimism about the partnership. "We are extremely delighted to have an opportunity to partner with Hiranandani Communities in Pune Market. With Krisala's on-ground expertise, strong know-how of Pune market and a mentor like Dr. Niranjan Hiranandani, the proposed township will be one of its kind with unique design, quality product and timely delivery. Overall, it will be the first of its kind development in Pune city," he said.
Colliers India's Capital Markets team played a key role in structuring the deal. Piyush Gupta, Managing Director, Capital Markets & Investment Services, Colliers India, said, "We are pleased to announce the successful conclusion of a Joint Development deal between Hiranandani Group and Krisala Group. Our Capital Markets teams with deep market knowledge and handling complex business structures, could create value for all stakeholders. The mixed-use development will certainly go on to be a landmark establishment for the city of Pune, given the industry reputation and credibility of both the developers."
Pune has been experiencing steady growth in real estate, driven by its IT sector, infrastructure development, and migration of skilled professionals. North Hinjewadi, in particular, has become a hub for residential and commercial projects. The area benefits from proximity to key business districts and improved transport links.
This Joint Development agreement aligns with the broader trend of strategic partnerships in real estate. Developers are increasingly looking at collaborative models to optimize land use and reduce financial risks. With Hiranandani Group's experience in large-scale developments and Krisala Group's understanding of the Pune market, the project is expected to cater to the growing demand for residential and commercial spaces in the region.
