Mumbai, June 1, 2024: Puravankara Limited, one of India’s leading real estate developers, has announced the acquisition of a prime 12.75-acre land parcel in Patlipada on Ghodbunder Road, Thane, through its wholly-owned subsidiary, Purva Oak Private Limited. This land acquisition marks a significant milestone for the company, with an estimated potential carpet area of 18.20 lakh sq ft and a potential Gross Development Value (GDV) of Rs. 4,000 crores over the project’s lifecycle.
Key Highlights
- Strategic Acquisition: The 12.75-acre land parcel in Thane is a crucial addition to Puravankara’s portfolio, reflecting the company’s commitment to the Mumbai Metropolitan Region’s (MMR) dynamic real estate market.
- Project Scope: The project will feature a high-end, mixed-use residential development with a focus on sustainable development principles.
- Recent Expansions: This acquisition follows two significant redevelopment projects in Mumbai – a 3-acre project in Lokhandwala, Andheri West, with a potential GDV of Rs. 1,500 crores, and a 2.5-acre project in Pali Hill with a potential GDV of over Rs. 2,000 crores.
Strategic Location
The Patlipada land parcel is strategically located on Ghodbunder Road, a highly preferred micro-market due to its excellent connectivity and robust social infrastructure. The upcoming metro line 4 and the Eastern Freeway extension will enhance connectivity, 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 project will offer residents captivating views of a 30-acre botanical garden and the SGNP, providing ample green space and a serene living environment.
About Puravankara Group
The Puravankara Group, headquartered in Bengaluru, is one of India’s most trusted real estate developers with a pan-India presence. Established 49 years ago, the company has developed three distinct residential brands – Purva, Provident Housing Limited (PHL), and Purva Land – catering to diverse housing needs. Additionally, the group has a significant presence in commercial real estate through its Grade-A developments.
As of March 31, 2024, Puravankara has completed 86 residential and commercial projects spanning approximately 50 million sq ft across nine cities, including Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company’s total land bank measures around 36 million sq ft, with ongoing projects adding up to 32 million sq ft.
For more details, please visit Puravankara’s official website.