Walton Street Black Soil Real Estate Debt Fund II has invested Rs 105 crore in two under-construction mid-income housing projects of Paranjape Group. Both these projects belong to the well-established Blueridge township. Blueridge is located in the proximity of Hinjewadi, near Rajiv Gandhi Infotech Park, Phase I.
Vinit Prabhugaonkar, Managing Partner, Walton Street India Real Estate Advisors Pvt Ltd, said they are excited to join hands with a renowned developer such as Paranjape group with an excellent delivery track record built over decades. “The fill-in location of Blueridge township offers a unique walk-to-work proposition to its inhabitants with many leading IT and financial services companies operating within the Blueridge SEZ. This mid-income residential development aptly fits our fund’s investment mandate, and we continue to seek more opportunities in this space across key metros beaming with improved buyer sentiments led favorable policies, relatively steady prices, and all-time low-interest rates.”
Shashank Paranjape, from Paranjape Group, said they are elated to partner with Walton Street Black Soil and work towards their joint commitment of building homes for middle-income groups across prime locations. “Over the last few years in Pune, we have witnessed an increase in demand for realty with the population here hoping to make a shift from rentals to self-purchased spaces. Capitalizing on this mindset shift, both our projects are essentially designed to cater to this growing thirst of home-buyers in the city.”
Spread across 138 acres and comprising 4500 families, the township boasts of an operational SEZ of ~3 mn sq ft replete with amenities such as schools, malls, and healthcare facilities. Hinjewadi, being the largest IT park in India, houses over 300 IT companies with more than 7.5 lakh IT professionals. This also makes it one of the most sought-after and cosmopolitan locales, thus attracting more investments by homebuyers in the area.