Ashish Puravankara, Managing Director, Puravankara Limited
Mumbai, June 3, 2024: Puravankara Limited (BSE: 532891), one of
India’s most trusted and admired real estate developers, has announced the
acquisition of 12.75 acres of land in Patlipada on Ghodbunder Road, Thane, by
its wholly-owned subsidiary company, Purva Oak Private Limited. 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.
Commenting on this strategic advancement, Ashish Puravankara,
Managing Director, Puravankara Limited, 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 crores of GDV to our MMR portfolio between these three acquisitions. Our
continued investment in MMR reflects our vision to deliver international
quality homes with trust and transparency.”
In November 2023, Puravankara secured rights to undertake the
redevelopment of two housing societies spanning 3 acres in the Lokhandwala area
of Andheri West. 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 2024, 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 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 crores. 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. Puravankara is focused on
incorporating sustainable development across its projects. The Thane project
will be built with these principles in mind,” said Rajat Rastogi, CEO -
West & Commercial Assets, Puravankara Limited.
The land parcel is strategically located in
Patlipada on Ghodbunder Road- a micro-market highly preferred by discerning
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 project
will also enjoy captivating views of a 30-acre botanical garden and the SGNP,
giving residents ample lung space.