Leading realty developer ABIL Group (Avinash Bhosale Group) has sold its 8 acre land parcel near the Hinjewadi area in Pune to another realty developer Rohan Builders for about 55 crore. If reports are to be believed, the developer will build an affordable housing project on this vacant land. It has a total development potential of over 7.5 lakh sq. ft. According to inside sources, the deal was concluded recently. In all likelihood, the developer will come up with an affordable housing project here s the plot also falls within R (residential) zone.
Amit Bhosale, MD of ABIL Group, while confirming the transaction, stated that the Group decided to sell the land parcel as it was not suitable for the product that the realty player develops. Further, they were not planning to develop affordable housing projects. Rohan Builders remained silent about the matter, while transaction advisor Cushman & Wakefield refused to comment. However, experts have confirmed that the proposed project is expected to derive revenues worth around 500 crore, given the current and expected trend of residential property prices here.
Realtors have been on the lookout to develop affordable housing projects on the back of expected demand potential and several incentives that the government has offered. Sales have bettered in key property markets across India, thanks to a slew of measures adopted by the government such as interest subvention on affordable housing, steps taken to eradicate black money and prop up end-user demand for residential real estate. Consequently, a revival in growth has been indicated.
