Landmark Land Holdings, the real estate investment arm of Indian conglomerate The Dalmia group, has invested $25 million (€16 million) in an integrated township with special economic zone status in Hinjewadi, located on the Mumbai-Pune expressway.
The project, being developed by Kumar Builders, will be built on 124 acres of land, with a sellable area of around 10 million square feet. The developer says it is expecting revenue from the project of more than $1 billion. Landmark has acquired approximately 10 percent equity in the project, with an option for additional investment up to 49 percent in the special purpose vehicle. The land is in a special economic zone, which lets it operate as foreign territory for tax purposes.
The project site is 2.5 kilometers away from the Mumbai-Pune Expressway, and adjacent to the Rajiv Gandhi Software Technology Park. There are several IT companies nearby including Infosys, Wipro Geometrics, Tata Technologies and Cognizant.
Kumar Builders are one of the most active developers in Pune, a city which is becoming an increasingly popular property investment destination as it attracts more and more IT companies. Kumar has so far completed over 100 projects, with another 30 projects in the pipeline.
Prior to this investment, the Landmark group already has in its portfolio 20 ongoing projects, which are pan-Indian in their scope and spread, with a total sales value in excess of $5 billion.