ABIL sells Pune land to Pristine for Rs 150 cr

MUMBAI: ABIL Group (Avinash Bhosale Group) has sold a 5-acre land parcel in Pune’s plush Koregaon Park locality to another Pune-based realtor Pristine Properties for about Rs 150 crore. Following the said land acquisition, Pristine Properties has brought in another realty developer Amar Builders through a development management agreement (DMA) to execute a commercial project on the plot.The land parcel has total development potential of 7.5 lakh sq ft.“We are planning to develop 1l lakh sq ft as retail space and balance 6.5 lakh sq ft as office space. We have also received all necessary approvals for the same,” said Ishwarchand Goyal, chairman of Pristine Properties.Amit Bhosale, managing director, ABIL, confirmed the development, while calls and text messages to Hrishikesh Manjrekar, executive director of Amar Builders did not elicit any response till the time of going to press.Saurabh Shatdal, managing director - developer and industrial services and co-head - Capital Markets at Cushman & Wakefield that acted as the transaction advisor, confirmed the development.

from Economic Times http://bit.ly/2UYB9SG
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