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Tech Mahindra sells 13 acre land in Pune for Rs70 crore

LiveMint logoLiveMint 24-05-2017 Bidya Sapam

Mumbai: Tech Mahindra Ltd has sold a 13-acre plot in Pune for Rs70 crore to real estate firm Mihir Homes Enterprise Ltd as part of an ongoing exercise by the software firm to monetise its unutilised land assets.

Located at Bavdhan in Pune, the land would be jointly developed into a residential project by Mihir Home Enterprise and Nyati Group, another Pune-based builder .

A Tech Mahindra spokesperson confirmed the deal but declined to provide details on the transaction. Property consultant JLL India is the transaction adviser to the deal.

Tech Mahindra had acquired the Bavdhan land years ago for the purpose of expanding its campuses. However, the company decided to monetise the land as it is not strategically located and no longer fits into its expansion plan, according to a person aware of the development.

Confirming the deal, Nishant Kabra, local director and head of land services (West India), JLL India, said the deal is another example of robust land transaction activity in Pune.

“In the past few months Pune has been at the epicentre of deal making with both international and domestic developers like Godrej Properties Ltd, Prestige Group, Ascendas-Singbrige Group and K Raheja Corp signing up projects in the city,” Kabra said.

In the last few years, Pune has attracted several international companies which are trying to set up offices in India as well as from existing firms looking to expand offshore businesses in the country.

Shares of Tech Mahindra closed at Rs417.45, up 0.37% from its previous close on the BSE, while the benchmark Sensex index closed 0.21% down at 30,301.64.

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