Poddar Housing and Development has agreed to buy 102.5 acres land in Pune to develop an affordable housing project. In a filing to the BSE, the company said that its subsidiary Poddar Habitat Pvt Ltd, has “executed an agreement to acquire a land admeasuring approx 102.5 acres” at Chakan, Pune from Autoline Industrial Parks Ltd.
The land will be acquired along with trunk infrastructure facilities, on a deferred payment terms, it said. Autoline Industrial Parks is a subsidiary of Autoline Industries Ltd.
“The company is proposing to build a residential affordable housing project at the same, having a potential development of more than 8 million sq ft over a period of 8-10 years,” the filing said.
With this acquisition, the company continues to expand its geographical presence in Tier II cities in addition to presence in Mumbai region.