June 5, 2024: Real estate developer Puravankara’s wholly-owned subsidiary Purva Oak has acquired 12.75 acre of land in Patlipada on Ghodbunder Road, Thane. The land has an estimated potential carpet area of 18.20 lakh sqft and a potential gross development value (GDV) of Rs 4,000 crore over the project lifecycle.
Ashish Puravankara, managing director, Puravankara, said, “We are thrilled to announce the acquisition of a prime 12.75-acre land parcel in Thane, further solidifying our commitment to MMR’s sustainable and dynamic real estate market. This strategic expansion in Thane is in addition to our recent announcements of redevelopment projects in Pali Hill and Lokhandwala. We have added over Rs 7,500 crore of GDV to our MMR portfolio between these three acquisitions. “
In November 2023, Puravankara secured rights to undertake the redevelopment of two housing societies in Lokhandwala, Andheri West spanning 3 acre. The project has a development potential of 5.8 lakh sqft carpet area and a potential GDV of Rs 1,500 crore. In April 2024, the company was selected for redevelopment of a 2.5-acre project in Pali Hill with a development potential of 4.10 lakh sqft carpet area and a potential GDV of over Rs 2,000 crore.
“The land parcel acquisition in Thane is the third major announcement from Puravankara in the past seven months. We will build a high-end, mixed-use residential project with a GDV of Rs 4,000 crore. 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 & Commercial Assets, Puravankara.
The upcoming Mumbai Metro Line 4 will further improve the connectivity of Patlipada on Ghodbunder Road where the newly-acquired land parcel is located. Additionally, the Eastern Freeway extension will provide accessibility to South Mumbai, while the Thane Borivali twin tunnel project under the Sanjay Gandhi National Park (SGNP) will reduce travel time between the Eastern and Western Express highways.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
