Poddar Housing to buy land in Pune for affordable housing project

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 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.