Puravankara Strengthens Mumbai Presence with Strategic Land Acquisition in Thane

Puravankara Limited, a leading name in Indian real estate, has announced a significant expansion in Mumbai through its subsidiary, Purva Oak Private Limited. The company has acquired a prime land parcel of 12.75 acres in Patlipada, Thane, strategically located on Ghodbunder Road.

Promising Development with High Growth Potential

This strategic land acquisition boasts an estimated potential carpet area of 18.20 lakh sq ft and a projected Gross Development Value (GDV) exceeding ₹4,000 crore over the project lifecycle. Puravankara’s investment in Thane reflects the company’s commitment to identifying and developing high-growth potential projects within the Mumbai Metropolitan Region (MMR).

Building on a Record of Redevelopment Success

The Thane land acquisition follows two other noteworthy redevelopment projects secured by Puravankara in recent months. In November 2023, the company secured the rights to redevelop two housing societies in Lokhandwala, Andheri West, with a combined potential of 5.8 lakh sq ft carpet area and a projected GDV of ₹1,500 crore.

Furthermore, in April 2024, Puravankara was selected as the preferred developer for a 2.5-acre redevelopment project in Pali Hills. The project offers a potential carpet area of 4.10 lakh sq ft and an estimated GDV exceeding ₹2,000 crore.

Strategic Location Advantages

The Patlipada land parcel offers several distinct advantages for discerning homebuyers. The location on Ghodbunder Road places it within a highly sought-after micro-market known for its affordability, strong connectivity, and well-established social infrastructure.

Planned infrastructural advancements like the upcoming Metro Line 4, the Eastern Freeway extension, and the Thane-Borivali tunnel project further enhance the area’s accessibility and connectivity. Residents will also enjoy the tranquillity of a nearby 30-acre botanical garden and the vast expanse of the Sanjay Gandhi National Park, offering ample green space and a refreshing escape from the urban environment.

“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 ₹7,500 crore 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,” said Ashish Puravankara, Managing Director, Puravankara Limited.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.