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Kolkata-based Merlin Group has acquired a 3.26-acre land parcel in Mundhwa, near Koregaon Park in Pune, for INR 273 crore, according to property registration documents. The transaction was registered in the past week, with stamp duty of INR 19.11 crore paid. The acquisition has been executed through the group's subsidiary, Merlin Prime Spaces. The developer plans to invest over INR 1,000 crore, including land cost, to build a commercial office project targeting BFSI occupiers and global capability centres. The project is expected to be completed by 2030 and could command a valuation of around INR 3,000 crore upon full occupation. The deal adds to Merlin Group's growing Pune portfolio, where it has been active since 2021 across commercial, mixed-use and premium residential segments, amid rising developer interest in the Mundhwa Koregaon Park corridor.
Merlin Group has expanded its commercial real estate footprint in Pune with the acquisition of a 3.26-acre land parcel in Mundhwa, close to the Koregaon Park area, for INR 273 crore. The transaction was registered in the past week, with stamp duty amounting to INR 19.11 crore, as per official property registration records. The land has been acquired through the group's wholly owned subsidiary, Merlin Prime Spaces. Advertisement
The developer plans to use the site for a large commercial office development with a total investment exceeding INR 1,000 crore, including the land cost. The proposed project is intended to cater primarily to tenants from the banking, financial services and insurance sector, as well as global capability centres, reflecting sustained demand from institutional occupiers in Pune's office market.
According to the company's stated plans, around INR 800 crore of the total outlay will be allocated towards construction and development, with the remaining investment covering land acquisition and associated costs. The project is scheduled for completion by 2030. Once fully operational and occupied, the commercial development is expected to achieve an estimated valuation of approximately INR 3,000 crore.
Merlin Group entered the Pune real estate market in 2021 and currently has three projects under development in the city, spanning commercial, mixed-use and premium residential segments. These projects together account for around one million square feet of development. In addition to the Mundhwa project, the developer is also planning another commercial project in Baner, Pune, and is evaluating opportunities in Navi Mumbai as part of its broader western India expansion strategy.
The Mundhwa-Koregaon Park belt has emerged as a preferred destination for commercial development due to its proximity to established employment hubs such as Kharadi, Magarpatta and Hadapsar. The area benefits from improving road connectivity, access to social infrastructure and a growing residential catchment, factors that continue to attract organised developers and institutional investors.
The land acquisition comes at a time when several developers are actively adding to their land banks in Pune, particularly for office-led developments in well-connected micro-markets. Despite periodic fluctuations in the national office market, Pune has continued to see steady interest from corporate occupiers, driven by its diversified services economy and relatively competitive commercial real estate costs compared to larger metropolitan centres.
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