The Mumbai-based Hiranandani Group officially announced its entry on Thursday into the Pune real estate market with a joint venture which aims to develop a 105-acre integrated township over the next 10 years, with an investment of over Rs 2,000 crore and a revenue potential of approximately Rs 7,000 crore.

The company will develop the integrated township in North Hinjewadi, Pune, in collaboration with Krisala Developers, using a 50:50 revenue-sharing model. The proposed integrated township would include residential complexes, commercial complexes, retail complexes, apartments, villa plots, branded residences and recreational amenities, a company release stated.

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As part of the deal, the investment in the first phase of the development is estimated at approximately Rs 500 crore, with a projected turnover pegged at approximately Rs 2,100 crore. The first phase spans an area of 30 acres with a minimum potential of delivering 3 million square feet (msf) of real estate spaces, the release stated.

The land asset is owned by the Hiranandani Group and was initially planned for sale. However, the company opted for a joint venture, and the deal was facilitated by Colliers India, a professional services company specialising in commercial real estate services, engineering consultancy, and investment management.

“This strategic joint development aims to leverage the strong local expertise of Krisala Developers and the extensive brand experience of the Hiranandani Group. Both organisations are committed to a seamless integration of vision and expertise, covering every aspect from land development and approvals to execution,” according to the company statement.

“Mega infrastructure projects are establishing crucial last-mile connectivity between Mumbai and Pune, invigorating the dynamic Mumbai Metropolitan Region (MMR) and Pune real estate markets. This connectivity directly addresses the aspirational living demands of migrating talent. Pune’s real estate sector is experiencing robust growth, propelled by its booming IT hubs, outstanding connectivity, and an influx of skilled professionals. The seamless connection between these two major business cities has opened unprecedented opportunities for real estate development,” Hiranandani Group Chairman Niranjan Hiranandani said.

“The project will cater to first-time homebuyers, second home seekers, investors and NRIs, ensuring inclusivity and comfort for all demographics. Our collaborations with renowned energy and resource institutes aim to maintain an air quality index (AQI) of 40, ensuring a healthier living environment for residents,” Krisala Developers Managing Director Aakash Agarwal said.