Merlin Group Buys 3.3-Acre Pune Land Near Koregaon Park for Rs 273 Crore

• 3.26-acre land parcel acquired in Mundhwa for Rs 273 crore

• Office-focused commercial project planned with Rs 1,000 crore total investment

• Project targeted at BFSI firms and global capability centres

Mumbai: Merlin Group has acquired a 3.26-acre land parcel in Pune’s Mundhwa locality, close to Koregaon Park, for Rs 273 crore.

The acquisition was made through Merlin Prime Spaces, a subsidiary of the Kolkata-based developer. According to property registration documents accessed via CRE Matrix, the transaction was registered on February 20, with a stamp duty payment of Rs 19.11 crore.

The company plans to develop an office-led commercial project on the newly acquired land, with total investments expected to exceed Rs 1,000 crore, including the land cost. Around Rs 800 crore will be allocated towards construction, development, and associated project expenses.

Saket Mohta, Managing Director of Merlin Group, said the project will primarily target banking, financial services and insurance (BFSI) companies, along with global capability centres (GCCs). The development is scheduled for completion by 2030 and could potentially be valued at around Rs 3,000 crore at the time of occupation.

The Joregaon–Mundhwa corridor has increasingly drawn developer interest due to its strategic proximity to established employment hubs such as Kharadi, Magarpatta, and Hadapsar. These areas continue to drive both residential and commercial demand in Pune.

Improved connectivity, growing infrastructure, and a maturing social ecosystem have made this micro-market particularly attractive for organised real estate players. Industry experts note that land transactions of this size often indicate upcoming large-scale or mixed-use developments, aligned with sustained end-user and corporate demand.

Merlin Group entered the Pune market in 2021 and is currently developing three projects in the city — spanning commercial, mixed-use, and premium residential segments — covering approximately 1 million square feet of development.

The developer is also planning another commercial project in Baner and is evaluating expansion opportunities in Navi Mumbai, signaling a broader strategy to deepen its presence across high-growth western markets.

The deal highlights continued appetite among developers for well-located urban land parcels that offer access to established commercial hubs and strong infrastructure networks.

For investors and occupiers, such acquisitions indicate confidence in Pune’s office and commercial real estate market, particularly in corridors that combine connectivity, workforce availability, and long-term growth potential.