The Hiranandani Group and Krisala Developers are collaborating on a ₹7,000 crore 105-acre township project close to Pune

By Bricksnwall | 2025-02-21

With a ₹7,000 crore joint venture project with Krisala Developers, Hiranandani Group joins the Pune market.

On February 20, Hiranandani Developers of Mumbai and Krisala Developers of Pune established a joint venture to build a 105-acre integrated township valued at ₹7,000 crore. The project will comprise luxury villas, branded residences, and more.

With a planned topline of ₹2,100 crore, the business intends to start the first phase, which will span 30 acres.

The Hiranandani Group and Krisala Developers transaction was managed by real estate firm Colliers India.

The project, which is situated in North Hinjewadi, will be developed in accordance with the integrated township strategy and will include retail, commercial, and residential projects, according to Hiranandani Developers.

Phase I of the collaborative development is presently underway, spanning 30 acres of land and potentially producing at least 2 million square feet of real estate. The company said in a statement that the phase 1 development investment, which is part of a joint development arrangement, is estimated to be over ₹500 crore, with a projected revenue of about ₹2100 crore.

Apartments, villa plots, branded homes, and recreational facilities are all included in the proposed development.

With an expenditure of more than ₹2,000 crore and a potential revenue of around ₹7,000 crore, the joint venture hopes to finish the entire 105-acre complex within the next ten years….

The goal of this strategic collaborative venture is to take advantage of the Hiranandani Group's vast brand experience and Krisala Developers' strong local expertise.  According to the company's statement, "both organizations are dedicated to a smooth integration of vision and expertise, covering every aspect from land development and approvals to execution."

 Both businesses will own 50% of the project as per the agreement.

 The initiative is awaiting RERA clearances, and the company anticipates launching it within the next three to four months.

The vibrant Mumbai Metropolitan Region (MMR) and Pune real estate markets are being stimulated by mega infrastructural developments that are creating vital last-mile connectivity between Mumbai and Pune. The aspirational living needs of migrant talent are immediately met by this connectivity. Pune's real estate market is witnessing solid expansion, fueled by its flourishing IT hubs, great connectivity, and an influx of skilled people," stated Niranjan Hiranandani, chairman, Hiranandani Group.

"Unprecedented prospects for real estate growth have been made possible by the smooth transition between these two important economic hubs. Hiranandani added, "It's evident that innovation and strategic collaboration are essential to achieving exponential growth, as the Indian real estate landscape is changing rapidly."

According to Hiranandani, the company will also reveal a project in Alibaug, where it has 250 acres of land, in the upcoming months.

"The development will cater to first-time homebuyers, second-home seekers, investors, and NRIs, ensuring inclusivity and comfort for all demographics," stated Aakash Agarwal, Managing Director of Krisala Developers. In order to provide inhabitants with a healthy living environment, we work with esteemed energy and resource institutes to maintain an air quality index (AQI) of 40.

On February 20, Krisala Developers also revealed their intentions to enter the Mumbai real estate market by way of renovation.

Source: Hindustan Times