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Paranjape Schemes Construction Ltd plans to invest around INR 700 crore to develop four residential projects in Pune as part of its expansion strategy. The projects, located in Pune West, will collectively offer around 1,400 units across 1.75 million sq ft, with an estimated revenue potential of approximately INR 1,175 crore. The launches are aligned with the festive season, traditionally a key period for housing demand in India. The company is also progressing with three large integrated township developments. The expansion comes against the backdrop of a decline in Pune's housing sales volumes in the past year, reflecting changing market conditions in the residential segment.
Paranjape Schemes Construction Ltd plans to invest approximately INR 700 crore to develop four residential projects in Pune, comprising around 1,400 housing units across a total development potential of over 1.75 million sq ft, the company said in a statement issued in the past week. The projects are part of its expansion strategy and are being launched across Pune West. Advertisement
The upcoming developments are estimated to generate a total revenue potential of approximately INR 1,175 crore, reflecting the projected sales value of the residential units. The company indicated that the launches are aligned with the festive season, which traditionally sees increased homebuying activity driven by cultural and financial considerations.
The planned projects will be spread across key micro-markets in Pune West, a region that has witnessed sustained residential development due to its connectivity and urban infrastructure. The addition of approximately 1,400 units suggests a mid-scale expansion in a competitive housing market.
Amit Paranjape, Director Business Development at Paranjape Schemes Construction Pvt Ltd, stated that the company is investing INR 700 crore in the development of these projects. He indicated that the festive period continues to play an important role in driving residential demand, as it is often associated with long-term investments and home purchases.
In addition to these new launches, the company is also developing three large integrated townships, which are expected to contribute to its long-term growth pipeline. These township projects are positioned as part of a broader strategy to expand its presence in urban residential development and cater to evolving housing preferences.
The expansion comes at a time when the Pune residential market has witnessed a decline in sales volumes. According to data from real estate consultancy PropTiger, housing sales in Pune fell by 27 per cent in the past year to 59,223 units, compared to 81,281 units in the previous calendar year. The slowdown reflects changing market dynamics, including demand fluctuations and broader economic factors.
Despite the dip in sales, developers continue to introduce new projects, particularly in established micro-markets, in anticipation of demand recovery and sustained interest from end-users. The focus on festive season launches indicates a strategic timing approach to capitalise on potential buyer sentiment.
Paranjape Schemes Construction Ltd, established in 1989 in Pune, has delivered more than 200 residential and commercial projects across nine cities, including Pune, Mumbai, Bengaluru, and Vadodara. The company has developed over 20 million sq ft of real estate, positioning it among established developers in the western and southern markets.
The planned investment in Pune reflects continued developer interest in the city's residential segment, supported by its position as a key urban centre with a diversified economic base.
Source - PTI
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