Page 21 - April 2022

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AVIGNA GROUP’S ARM TO DEVELOP 50 MILLION SQ FT
OF WAREHOUSE SPACE
Avigna Space, the industrial and warehousing arm of the
diversified Avigna Group, plans to develop about 50 million sq ft of CONSTRUCTION
warehouse space over the next five years as it plans to expand its
footprints in the western, eastern and northern parts of the country
in the coming years. The warehouse expansion is part of its over
`2,500 crore investment plan.

KALPATARU TO INVEST `250 CR TO DEVELOP 1-MLN-SQ-
FT RESIDENTIAL PROJECT IN PUNE’S BANER
Real estate major Kalpataru is planning to invest around `250 crore
to develop a premium residential project on a land parcel spread
over 2.33 acres in Baner locality of Pune. The project, Kalpataru
Aurum, has a total development potential of over 1 million sq ft.
Construction of the project will commence in March 2022 and the
apartments will be ready for possession by December 2026. The
project is adjacent to Kalpataru’s luxury project, Kalpataru Jade
Residences and next to the Baner Hills, a biodiversity hotspot.
Baner is witnessing a huge influx of knowledge and service
industries spurring the development of world class homes, citizen CANADA’S CPPIB TO INVEST `2,650 CRORE IN JV WITH
amenities and a diverse culture. A key part of Pune Smart City REALTY FIRM RMZ CORP
Project, Baner is at the heart of Pune’s cosmopolitan transformation The Canada Pension Plan Investment Board (CPPIB) will invest
with its planned avenues, malls and lifestyle spaces. The about `2,650 crore in a joint venture with Bengaluru-based realty firm RMZ
500-acre Pashan-Baner Bio Diversity Park also makes it one of the Corp to develop and acquire commercial projects across India.
greenest micro markets. The development will comprise 450 two- RMZ Corp and CPPIB announced that they have entered into their
bedroom apartments with prices starting from `1.10 crore. second joint venture to develop and hold commercial office
Baner is a centrally located residential neighbourhood in Pune space in key cities across India.
with established social and physical infrastructure and is also in “he total aggregate capital commitment by CPP Investments into
proximity to the Mumbai – Benglauru Highway (NH-48). It has also the joint venture will be up to `26.5 billion (C$ 449 million), to
grown as an IT employment hub with nearly 13 million sq ft of IT support the development and acquisition of projects across India.
parks/office complexes including RMZ Icon and Panchshil Business The two joint ventures together have been established to develop
Park. assets worth in excess of $2.5 billion across cities. This partnership
takes RMZ a step closer to our supercharge vision and growth
MUMBAI REALTOR GODREJ PROPERTIES ENTERS NCR strategy by 2032. The joint venture will be seeded with StarTech
WITH PURCHASE OF SONIPAT LAND PARCEL a 1.37 million square feet Grade A office building located in
Godrej Properties has acquired around 50 acres of land in Koramangala, Bangalore, which is currently co-owned by RMZ and
Sonipat, Haryana — foraying into a market outside its usual Prestige Estates. CPP Investments will acquire Prestige’s entire stake
Mumbai playground. The nearly one million square feet of plotted in StarTech. Spread across 8 acres, Star Tech is a LEED Platinum-
residential development project is strategically located, with good rated green building and is a premium commercial campus with
connectivity to the Delhi border and national highways, and is in 100 per cent occupancy.
close proximity to the upcoming educational and industrial hub This is the second joint venture between RMZ and CPP Investments.
of Sonipat, as per a company filing with the exchanges. The two entities formed their first joint venture in 2021 to develop
Sonipat as a micro-market has seen a lot of infrastructure and manage approximately 10 million square feet of Grade A
developments over the last couple of years and is going to play commercial office spaces across Hyderabad and Chennai.
a vital role in the NCR growth story. RMZ owns and operates a real asset portfolio of 67 million square
Godrej Properties has a 125-year legacy. In FY21, it was the largest feet, and are poised to grow to 350 million square feet of assets
developer in India by value and volume of residential sales. by 2032.

APRIL 2022|CONSTRUCTION OPPORTUNITIES 21