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Gokhale Constructions has acquired a 3.5-acre land parcel from HND Trust in Pune for INR 311 crore to develop a premium residential and retail project. The project is expected to generate revenue of INR 2500 crore through the construction of 16 lakh sq ft of residential space and high-end retail. Additionally, a 51,000 sq ft hostel with modern amenities is also part of the development. The starting price for a condominium is projected to be INR 7 crore. The company is also expanding its portfolio in Pune, with 2 million sq ft of residential and 3 million sq ft of commercial space under development. Furthermore, Gokhale Constructions is in advanced negotiations to enter the Mumbai real estate market, aiming to acquire properties in prime locations.
Gokhale Constructions has acquired a 3.5-acre land parcel from HND Trust in Pune for INR 311 crore, with plans to develop a comprehensive residential and retail project. According to a recent statement by the company, the development is poised to encompass 16 lakh sq ft of premium residential space along with a high-end retail segment, carrying a potential revenue of INR 2500 crore. Additionally, the project will incorporate a 51,000 sq ft hostel, outfitted with modern amenities to cater to a growing demand for upscale accommodations. The price of a condominium in this development is expected to commence at INR 7 crore. Advertisement
Gokhale Constructions is currently advancing its portfolio across Pune, where it is developing 2 million sq ft of residential space and 3 million sq ft of commercial space across prime locations. Over the years, the firm has completed more than 200 residential projects in the city, establishing a strong market presence.
In a forward-looking move, the company is also eyeing Mumbai's lucrative real estate sector and is reportedly in the advanced stages of negotiations to secure properties in some of the city's most sought-after areas. This strategic expansion aligns with Gokhale Constructions' broader objective of consolidating its footprint in major real estate markets.
The firm's intention to enter the Mumbai real estate market aligns with its expansion strategy, as it seeks to establish a presence in one of India's most lucrative property markets. This move could potentially elevate Gokhale Constructions' profile as a key player in both Pune and Mumbai, enhancing its portfolio and revenue streams.
Source - PTI
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