Bajaj Auto, a prominent name in the Indian automotive industry, has finalized a substantial land lease deal in Chakan, located near Pune. According to documents obtained by Proptstack.com, the company has secured 7.63 lakh square meters of land from the Maharashtra Industrial Development Corporation (MIDC) for a sum of Rs 53.43 crore. This lease agreement spans an impressive 95-year term, and Bajaj Auto has fulfilled a stamp duty requirement of Rs 3.92 crore to seal the deal.
The Chakan industrial area of MIDC, situated approximately 40 kilometers from the heart of Pune city, is the chosen location for this strategic land acquisition. It’s worth noting that Bajaj Auto already operates a manufacturing plant in Chakan, dedicated to the production of two-wheelers.
The real estate market in India has been notably active, with numerous deals closed during the first eight months of 2023. According to a report from Anarock, a prominent real estate consulting firm, a total of 59 deals encompassing over 2,018 acres have been finalized across the country during this period. In terms of the number of deals, the Mumbai Metropolitan Region (MMR) takes the lead. Meanwhile, Ahmedabad leads the charts in terms of total area involved, with an impressive 740 acres.
It’s interesting to note that a handful of these deals, totaling around 62 acres, are earmarked for mixed-use developments. These projects are set to take shape in Noida, Gurugram, Pune, and Bengaluru, showcasing the diversification and growth in real estate ventures in various regions.
Bajaj Auto’s land lease agreement in Chakan underscores the company’s commitment to expanding and enhancing its operational footprint in the automotive sector. The extensive 95-year term of the lease signifies a long-term investment strategy and a substantial contribution to the local economy and job market.
