Gera Developments buys land in Pune for themed residential project.

Gera Developments, a real estate company, has acquired a land parcel of about 12.5 acres in Pune’s Wagholi with a development potential of 2.5 million sq ft and likely revenue of Rs. 2,000 crore.

The land-its price and seller were not disclosed-will be used for developing a themed residential project under Gera's child-centric homes banner. The deal was closed by ANAROCK Capital, the transactions arm of real estate services firm ANAROCK Group.

Wagholi is apt for child-centric homes as leading educational institutes have operations there, said Mohammed Aslam, president of ANAROCK Capital.

Wagholi gets spill-over demand from IT hubs like Kharadi, Hadapsar, Magarpatta City, Koregaon Park, and nearby industrial zones of Ranjangaon and Shikrapur. The area's well-developed social infrastructure is another key factor driving Wagholi's development, said ANAROCK Capital.

"The location is extremely popular with IT/ITeS and manufacturing professionals. Average housing prices here have appreciated by 18 per cent since 2017-from Rs. 6,100 per sq ft on carpet area to Rs. 7,200 per sq ft in 2022-with even higher price growth for themed projects by reputed developers," it said, referring to Information Technology and Information Technology Enabled Services.

Child-centric housing projects are designed for safety and provide recreational and educational amenities features that children find enriching.

BS