Poddar Housing to buy 102.5 acre land in Pune to develop residential project

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NEW DELHI: Poddar Housing and Development has agreed to buy 102.5 acres land in Pune to develop an affordable housing project.

In a filing to the BSE, the company said that its subsidiary Poddar Habitat Pvt Ltd, has “executed an agreement to acquire a land admeasuring approx 102.5 acres” at Chakan, Pune from Autoline Industrial Parks Ltd.

The land would be acquired along with trunk infrastructure facilities, on a deferred payment terms, it said. Autoline Industrial Parks is a subsidiary of Autoline Industries Ltd.

“The company is proposing to build a residential affordable housing project at the same, having a potential development of more than 8 million sq ft over a period of 8-10 years,” the filing said.

With this acquisition, the company continues to expand its geographical presence in Tier II cities in addition to presence in Mumbai region.

Source: Press Trust of India