Kalpataru, Indian Hume Pipe in JV for a 2.3-million-sq-ft project on 15-acre Pune

Realty developer Kalpataru has concluded a revenue-share agreement with an Indian Hume Pipe Company to develop an over 2.3 million sq ft mixed-use project on a nearly 15-acre land parcel in Pune's Vadgaon locality.

The company is planning to invest around Rs 1,000 crore in this project to be developed in two phases over the next 6-7 years.

The developer's subsidiary Kalpataru Gardens had earlier signed a memorandum of agreement for this development. The pact has now been revised and the developer's revenue share in the project is now increased to 67.50% from 66%, while Indian Hume Pipe Company will get the balance share.