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Pune: Gera Developments buys 12 acre land from Dai-Ichi Karkaria for Rs 153 crore
ETRealty  |  July 23, 2020


Realty firm Gera Developments has bought 12 acre land in Pune for Rs 153.5 crore from Dai-Ichi Karkaria Ltd to develop a commercial project. In a regulatory filing, Dai-Ichi Karkaria informed that the company has entered into an agreement for sale with Pune-based Gera Developments.


The company, which manufactures speciality chemicals, will get a consideration of Rs 153.5 crore from sale of this land parcel, it added.


Separately, Gera Developments MD Rohit Gera confirmed the deal and said the company has purchased a 12-acre land parcel in Pune's Pimpri-Chinchwad area from Dai-Ichi Karkaria.


The site formerly housed factories that had been shifted to Dahej in Gujarat some time ago.


"We have concluded the definitive documentation for this land parcel. We are very excited with the prospects of creating a landmark retail and office destination at this strategic location," Rohit said.


"The metro station in front of the site is an added advantage that we believe will provide a huge benefit to the occupiers of the project," he added.


Gera Developments is currently building nine projects in Pune, Bengaluru and Goa.