Puravankara buys 12.75 acre land near Mumbai; to develop housing project with a revenue potential of ₹4000 crore

Bengaluru-based real estate firm Puravankara Limited said on June 1 that it has acquired 12.75 acres of land in Patlipada on Ghodbunder Road, Thane, near Mumbai, and will be developing a residential project with an estimated revenue potential of 4,000 crore.

Bengaluru-based real estate firm Puravankara Limited said on June 1 that it has acquired 12.75 acres of land in Patlipada on Ghodbunder Road, Thane, near Mumbai (Representational photo)(Praful Gangurde/ HT)

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

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The land has been acquired by its wholly-owned subsidiary company, Purva Oak Private Limited.

The company did not disclose the name of the seller and the deal value.

Also Read: Bengaluru-based Puravankara crosses 5,914 crore in sales in FY24

The company had earlier also announced two other redevelopment projects including the one in Pali Hill and Lokhandwala.

“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.

Also Read: Bengaluru-based Puravankara Ltd to redevelop housing society project in Mumbai’s Pali Hill

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.

Additionally, the Eastern Freeway extension will provide seamless accessibility to South Mumbai, while the Thane Borivali twin tunnel project under the Sanjay Gandhi National Park (SGNP) will significantly reduce travel time between the Eastern and Western Express highways, the company said.

Several branded developers in Thane real estate market

Thane real estate in the last few years has witnessed the entry of several branded real estate players like Raymond Realty and Oberoi, Rustomjee. Hiranandani already has a presence in the Thane market.

In May 2024, L&T Realty had also signed a joint development agreement (JDA) for a slum rehabilitation project to develop 31.25 lakh sq ft worth 697 crore in Thane near Mumbai.

Also Read: Non-resident Indians from the US dominate real estate sales in Bengaluru; 2BHK and 3BHK housing units most popular

The per sq ft rate of residential apartments in the Thane real estate market varies between 10,000 to 25,000 depending on the locality and proximity to social infrastructure, according to local brokers.

Puravankara Ltd has completed 86 residential and commercial projects of around 50 million square feet across nine cities – Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company’s total land bank is around 36 million square feet, and ongoing projects add up to 32 million square feet.

Also Read: More than 101 land deals for approximately 2,989 acres closed in FY-24 across cities, including Ayodhya

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