MUMBAI: The Merlin Group has acquired a 3.26-acre land parcel in Mundhwa locality near Koregaon Park in Pune for Rs 273 crore.
Merlin Prime Spaces, a subsidiary of the Kolkata property developer, is looking to build a commercial project on the land parcel with a total investment of over Rs 1,000 crore including the land cost.
“We plan to develop an office-led commercial project, targeted at banking, financial services, insurance companies and global capability centres,” Saket Mohta, MD, Merlin Group, told ET. The property, with a 2030 completion deadline, could be valued around Rs 3,000 crore during occupation.
The company plans to invest around Rs 800 crore toward construction, development and other costs related to this project.
The buyer has paid a stamp duty of Rs 19.11 crore for the transaction registered on February 20, showed the documents accessed through CRE Matrix, a realty data analytics platform.
Merlin Group, which entered Pune in 2021, is currently developing three projects in the city. They include one commercial, mixed-use and premium residential project each covering a total development of around 1 million sq ft.
Merlin Group plans to start another commercial project at Baner in Pune, and is also evaluating opportunities in Navi Mumbai, Mohta said.
“We are aiming to deepen our footprint in Pune and other western Indian markets,” Mohta added.
The Joregaon-Mundhwa belt in Pune has witnessed growing developer interest in recent years due to its proximity to Kharadi, Magarpatta and Hadapsar, established employment hubs that continue to anchor housing demand in the corridor. Improved connectivity and expanding social infrastructure have further strengthened the location’s appeal among organised developers.
Transactions of this scale typically signal upcoming mixed-use projects, given prevailing demand patterns in the micro-market. Land acquisitions in Pune have remained steady amid sustained end-user demand, with developers actively replenishing pipelines across high-growth corridors, experts said.
The transaction highlights continued appetite for well-located land parcels in established urban clusters, particularly those offering access to commercial hubs and infrastructure networks.
