Gera Developments to invest Rs 1,400 crore to build new housing project in Pune

Realty firm Gera Developments on Tuesday said it has bought a 12.5-acre land in Pune and will invest Rs 1,400 crore over the next four years to develop a housing project.

Property consultant Anarock facilitated this land deal.

''We have bought 12.5 acre land at Wagholi in East Pune from another developer. The total development potential is 25 lakh square feet,'' Gera Developments MD Rohit Gera told PTI.

The company will launch a child-centric housing project on this plot in May-June this year in a price range of Rs 75 lakh and Rs 1.2 crore.

Asked about project cost, Gera said it would be around Rs 1,400 crore including land and construction cost.

The company would fund the project cost through equity, debt and customers' advance against sales.

Gera Developments, one of the leading real estate firms in Maharashtra, is currently developing 2.8 million square feet, of which 2 million square feet is housing and 8,00,000 square feet commercial.

Gera Developments has tied up with celebrities such as Rohit Sharma, Mahesh Bhupathi, Pullela Gopichand, Bhaichung Bhutia, Shankar Mahadevan, and Shiamak Davar to set up learning academies within their child centric homes projects.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)