Puravankara acquires 12.75-acre land parcel in Thane for high-end residential project

June 1, 2024

Bengaluru-based Puravankara has acquired a 12.75-acre land parcel in Thane that would have an estimated carpet area of 18.20 lakh square feet and a potential gross development value of ₹4,000 crore.

The company intends to build a high-end, mixed-use residential project on the land. The project would be launched during the festival season in the current financial year, it said in a statement.

The land parcel is strategically located in Patlipada on Ghodbunder Road — a micro-market which is seeing intense construction by other builders too with the rapid pace of infrastructure development and an upcoming metro line that will improve the area’s connectivity with the main city. 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 will reduce travel time between the Eastern and Western Express highways.

Redevelopment projects

Over the past seven months the company has added projects with potential revenue of over ₹7,500 crore in the Mumbai Metropolitan Region. It has announced two redevelopment projects in two upmarket locations in Mumbai, Pali Hill and Lokhandwala.

In November 2023, Puravankara secured rights to undertake the redevelopment of two housing societies spanning three acres in the Lokhandwala area of Andheri West. The project has a development potential of 5.8 lakh square feet carpet area and a potential revenue of ₹1,500 crore. In April 2024, the company was selected as the ‘preferred developer’ for a 2.5-acre redevelopment project in Pali Hill with a development potential of 4.10 lakh square feet and a potential revenue of over ₹2,000 crore.

South India-based real estate companies that have recently started selling projects in Mumbai have met with spectacular success. In April, Prestige Estates Projects announced the sale of inventory worth ₹1,300 crore at a luxury project in the city, within first three months of pre-launch.

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