Puravankara purchases a 12.75-acre plot of land close to Mumbai in order to build a housing project

Fri, 06/07/2024 - 09:13

Author: JLL

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Puravankara purchases a 12.75-acre plot of land close to Mumbai in order to build a housing project with a ₹4000 crore income potential.

Puravankara Limited, a real estate company located in Bengaluru, said on June 1 that it had purchased 12.75 acres of property in Patlipada on Ghodbunder Road, Thane, close to Mumbai. The project is expected to be a residential development with a ₹4,000 crore potential income.

The company stated in a regulatory filing that the land had a potential Gross Development Value (GDV) of ₹4,000 crores over the project lifecycle and an estimated potential carpet area of 18.20 lakh sq ft.

Purva Oak Private Limited, has purchased the land. The seller's name and the deal value were kept a secret by the corporation. Pali Hill and Lokhandwala were two of the two other rehabilitation projects that the business had previously mentioned.

"We are thrilled to announce the acquisition of a prime 12.75-acre land parcel in Thane, further solidifying our commitment to Mumbai Metropolitan Region (MMR)’s sustainable and dynamic real estate market. We have added over ₹7,500 crores of GDV to our MMR portfolio between these three acquisitions," said Ashish Puravankara, Managing Director, Puravankara Limited.

Puravankara plans to launch the housing project during the festive season

“The land parcel acquisition in Thane is the third major announcement from Puravankara in the past seven months. We look forward to launching this project during the festive season this financial year with a vision to develop one of the finest projects in Thane,” said Rajat Rastogi, CEO - West and Commercial Assets, Puravankara Limited.

According to the company, the land parcel is strategically located in Patlipada on Ghodbunder Road- a micro-market highly preferred by home buyers due to the value-laden proposition, connectivity advantages, and robust social infrastructure. The upcoming metro line 4 will further improve the area's connectivity.

According to the company, the Thane Borivali twin tunnel project under the Sanjay Gandhi National Park (SGNP) will drastically shorten travel time between the Eastern and Western Express highways. Additionally, the Eastern Freeway extension will offer smooth accessibility to South Mumbai.

Numerous well-known developers in the Thane real estate sector
In the past few years, a number of well-known real estate companies, including Oberoi, Rustomjee, and Raymond Realty, have entered the Thane real estate market. The Thane market is already home to Hiranandani.

86 residential and commercial projects totaling around 50 million square feet have been constructed by Puravankara Ltd in nine different cities: Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company currently has 32 million square feet of ongoing projects added to its overall land bank of about 36 million square feet.

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