Gokhale Constructions Acquires Land in Pune for Rs 311 cr

Pune, May 15 (PTI) Realty firm Gokhale Constructions has acquired a 3.5 acre land parcel of HND Trust for Rs 311 crore for a residential and retail project, according to a release.

The realty firm plans to develop a 16 lakh sq ft residential space along with high-end retail with a revenue potential of Rs 2500 crore, the company said in a statement.

The proposed development will also integrate a hostel spread across 51,000 sq ft with all modern facilities, it said, adding that the price of a condominium would start from Rs 7 crore onwards.

Gokhale Constructions is currently in the process of developing a 2 million sq ft of residential space and about 3 million sq ft of commercial space at some of most prime locations in Pune. The company has successfully completed over 200 residential projects in the city.

The company is also eying to foray in Mumbai's real estate market and is in the advanced stages of negotiations for closing the deals of properties at some supremely prime locations in Mumbai.