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Thursday, June 20, 2024

Puravankara obtains 12.75-acre land in Thane for upscale residential project

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In Short:

Bengaluru-based Puravankara has acquired a 12.75-acre land parcel in Thane to build a high-end residential project with a potential value of ₹4,000 crore. Two redevelopment projects in Mumbai have potential revenues exceeding ₹7,500 crore. This includes projects in Pali Hill and Lokhandwala with a combined potential revenue of over ₹3,500 crore. South India-based real estate companies have found success in Mumbai, such as Prestige Estates Projects selling ₹1,300 crore worth of inventory in just three months.


Hey there! Exciting news coming your way from Bengaluru-based **Puravankara**. They’ve just snagged a 12.75-acre land parcel in Thane, with an estimated carpet area of 18.20 lakh square feet and a potential gross development value of ₹4,000 crore.

A High-End Residential Project in the Works

**Puravankara** is all set to build a luxurious mixed-use residential project on this prime piece of land. They’re gearing up for a grand launch during the festival season this financial year.

Location, Location, Location!

This land parcel is in a strategic spot at Patlipada on Ghodbunder Road. It’s a bustling micro-market, buzzing with construction activity from various builders. The area is witnessing rapid infrastructure development, and an upcoming metro line is set to enhance connectivity with the main city. The Eastern Freeway extension and the Thane-Borivali twin tunnel project are also in the pipelines, promising a seamless commute between Eastern and Western Express highways.

Latest Redevelopment Ventures

**Puravankara** has been on a roll, adding projects worth over ₹7,500 crore in the Mumbai Metropolitan Region in the last seven months. They’ve recently unveiled plans for two upscale redevelopment projects in Mumbai – at Pali Hill and Lokhandwala.

In November 2023, the company clinched the rights for redeveloping two housing societies across three acres in Andheri West’s Lokhandwala area, with a development potential of 5.8 lakh square feet and an estimated revenue of ₹1,500 crore. Fast forward to April 2024, they were chosen as the ‘preferred developer’ for a 2.5-acre project in Pali Hill, with a development potential of 4.10 lakh square feet and a revenue forecast exceeding ₹2,000 crore.

Real estate players from South India entering the Mumbai market have been hitting the jackpot. For instance, in April, **Prestige Estates Projects** clocked sales of ₹1,300 crore at a luxury project within the first three months of pre-launch.


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