MUMBAI: Shapoorji Pallonji Real Estate will invest around Rs 4,000 crore to develop a large mixed-use project in Pune, Maharashtra, as part of its expansion plan.

Shapoorji Pallonji Real Estate, which is the realty arm of business conglomerate Shapoorji Pallonji, has launched a 148-acre project 'VANAHA' near Bavdhan, West Pune. The project will be a mixed-use development and will be a part of one of the largest townships in India. "VANAHA will be developed with an estimated investment of around Rs 4,000 crore," it said.

The project site is well connected with Mumbai-Bengaluru Highway and within proximity to Hinjewadi and Baner IT hubs.

Shapoorji Pallonji Real Estate has a strong presence in the Pune market. The company has a development pipeline of over 80 million sq.ft and is looking to multiply its top line in the next 2-3 years.

The project will be executed in phases and will have more than 6,000 apartments on completion. In the first phase, over 600 apartments have been launched. The residences are available between the price range of Rs 39 lakh to Rs 89 lakh. Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate, said, "Pune is an important market for us and the addition of this large project fits well within our strategy of strengthening our presence across the country's leading real estate markets"

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