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ABIL Group sells Pune land to Rohan Builders for Rs 55 crore
ET Realty  |  September 13, 2017

Kailash Babar Mumbai

Realty developer ABIL Group (Avinash Bhosale Group) has sold its 8acre land parcel near Pune's Hinjewadi area to another realty developer Rohan Builders for about Rs 55 crore, said two persons familiar with the development.

 

The developer is likely to build an affordable housing project on this vacant land parcel that has a total development potential of over 7.5 lakh sq ft.

 

“The deal was concluded recently. The developer is likely to develop an affordable housing project here as the plot also falls within R (residential) zone,“ said one of the persons mentioned above.

 

Amit Bhosale, MD of ABIL Group, confirmed the transaction. “This land parcel was not suitable for the product we develop. Also, we were not planning to develop affordable housing projects. So, we decided to sell the land parcel,“ Bhosale told ET. An email query to Rohan Builders remained unanswered till the time of going to press, while transaction advisor Cushman & Wakefield declined to comment on the story . The proposed project is expected to derive revenues worth around Rs 500 crore, given the current and expected trend of residential property prices here, experts said.

 

Realtors have been looking to develop affordable housing projects on the back of expected demand potential and various incentives offered by the government. A slew of measures initiated 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 have been translating into better sales in key property markets across India, indicating a revival in growth.