As part of its long-term plan to further penetrate the western Indian commercial real estate market, Merlin group has purchased a premium piece of land in the Mundhwa micro-market, which is nearby the Koregaon park in Pune, at 273 crore.
The developer based in Kolkata is also intending to build a premium commercial project on the site estimated to be investor 1000 crore. Its future expansion is likely to increase the commercial presence of the company in a highly demanded business area in the city of Pune.
The belt of Mundhwa-Koregaon Park has consistently become one of the office space and mixed-use projects choice because it is close to major IT hubs, high-income residential areas, and well-developed social facilities. According to industry observers, this micro-market is still experiencing increased attention on the part of developers keen on exploiting the increasing demand of Grade-A commercial spaces in Pune.
The recent acquisition of Merlin Group is also in line with its overall strategy of expanding its operations in urban centres with high growth potential beyond its usual stronghold in eastern India. The developer has been aggressively scouting opportunities in Pune in the last couple of years based on the city as having a strong economic base, growing corporate base and developing infrastructure ecosystem as one of the sources of growth.
The suggested commercial project has potential to accommodate a broad range of occupancy services comprising corporates, startups, and retail outlets in the city where there is a long-term demand of the contemporary office setting. As the office real estates market is picking up in Pune with the augmented business activity and flexible work space embrace, developers are considering constructing the future ready business infrastructure that aligns functionality with the high-quality design.
According to real estate experts, these kinds of investments in the core urban areas are a long term confidence of Pune in the commercial property market which has remained a subject of institutional funds and interest of the developers too.
The development of Merlin Group adjacent to Koregaon Park will probably lead to the development of the area into a busy business and lifestyle centre in the years to come.
Source: The Economic Times
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