Puravankara acquires 12.75-acre land parcel on Thane’s Ghodbunder Road

Realty developer Puravankara has acquired a land parcel spread over 12.75 acres in Patlipada locality on Thane’s Ghodbunder Road through its wholly-owned subsidiary company, Purva Oak to develop a premium residential project.

The land has 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 lifecycle.

This is the third project to be added to the company’s development portfolio in Mumbai Metropolitan Region (MMR).

“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 crores of GDV to our Mumbai region portfolio between these three acquisitions,” said Ashish Puravankara, Managing Director, Puravankara.

In November, Puravankara secured rights to undertake the redevelopment of two housing societies spanning 3 acres in the Lokhandwala area of Andheri west suburb of Mumbai. The project has a development potential of 5.8 lakh sq ft carpet area and a potential GDV of Rs 1,500 crores.

In April, the company was selected as the preferred developer for a 2.5-acre redevelopment project in Pali Hills with a development potential of 4.10 lakh sq ft carpet area and a potential GDV of over Rs 2,000 crores.

“The land parcel acquisition in Thane is the third major addition in our portfolio in western region in the past seven months. We will build a high-end, mixed-use residential project with a GDV of Rs 4,000 crores. We look forward to launching this project during the festive season this financial year,” said Rajat Rastogi, CEO - West & Commercial Assets, Puravankara.

The company intends to strengthen its presence in the western region market in 2024-25, with a focus on redevelopment, Joint Development Agreements (JDAs), and outright purchases for land tie-ups. It aims to increase the western region's revenue contribution to 20% in 2024-25 from 9% in the last fiscal year.

The company’s total GDV for the western region including launched and planned projects will be around Rs 11,000 crore over the next 4-5 years.

The Bangalore-based developer currently has around 31.67 million sq ft of land under development and plans to launch 14 million sq ft feet in the current financial year.