MUMBAI: The Merlin Group has acquired a 3.26-acre land parcel in the Mundhwa area near Koregaon Park, Pune, for ₹273 crore.
Merlin Prime Spaces, a subsidiary of the Kolkata-based property developer, plans to construct a commercial project on this site with a total investment exceeding ₹1,000 crore, which includes the land cost.
“We intend to develop an office-led commercial project aimed at banking, financial services, insurance companies, and global capability centers,” stated Saket Mohta, MD of Merlin Group, to RealtyDailyNews. The project is expected to complete by 2030 and could be valued around ₹3,000 crore upon occupation.
The company aims to allocate approximately ₹800 crore towards construction and development for this initiative.
According to documents reviewed through CRE Matrix, a real estate analytics platform, the buyer has paid a stamp duty of ₹19.11 crore for the transaction registered on February 20.
Having entered Pune in 2021, the Merlin Group is currently engaged in the development of three projects in the city, which include one commercial, one mixed-use, and one premium residential project, collectively covering about 1 million sq ft.
Additionally, Merlin Group plans to launch another commercial project in Baner, Pune, and is assessing opportunities in Navi Mumbai, Mohta mentioned.
“We are focused on expanding our presence in Pune and other markets in western India,” Mohta added.
The Joregaon-Mundhwa area in Pune has garnered increased developer interest due to its proximity to Kharadi, Magarpatta, and Hadapsar—established employment centers that continue to drive housing demand in the region. Enhanced connectivity and expanding social infrastructure have also made the area more attractive to organized developers.
Expert insights suggest that transactions of this magnitude typically indicate forthcoming mixed-use developments, given the existing demand trends in the micro-market. Land acquisitions in Pune have remained consistent thanks to ongoing end-user demand, with developers actively fortifying their portfolios across high-growth areas.
The recent transaction reflects a sustained interest in well-located land parcels within established urban clusters, particularly those that provide access to commercial hubs and infrastructure networks.
