Puravankara Acquires 12.75-Acre Land Parcel in Thane for High-End Residential Project
Bengaluru-based real estate company Puravankara has acquired a 12.75-acre land parcel in the thriving area of Thane. With a strategic vision in mind, Puravankara aims to develop a high-end, mixed-use residential project on this prime piece of land.
The project is expected to boast an impressive estimated carpet area of 18.20 lakh square feet, signaling the company's ambitious plans for the development. With a projected gross development value of ₹4,000 crore, this endeavor holds immense potential for both Puravankara and the local real estate market.
Situated in Patlipada on Ghodbunder Road, the land enjoys a strategic location within Thane. This micro-market is witnessing rapid growth, driven by ongoing infrastructure developments and future projects. The upcoming metro line and the Eastern Freeway extension are set to enhance connectivity with South Mumbai, making Thane an even more attractive destination for homeowners and investors alike. Additionally, the Thane-Borivali twin tunnel project, slated to pass under the Sanjay Gandhi National Park, promises to reduce travel time between the Eastern and Western Express highways, further improving accessibility.
Puravankara's recent endeavors in the Mumbai Metropolitan Region underscore its commitment to the market. Over the past seven months, the company has announced projects with a combined potential revenue exceeding ₹7,500 crore. These include two notable redevelopment projects in upscale Mumbai neighborhoods: Pali Hill and Lokhandwala.
In November 2023, Puravankara secured rights for the redevelopment of two housing societies spanning three acres in Lokhandwala, Andheri West. The project, with a development potential of 5.8 lakh square feet, is estimated to generate ₹1,500 crore in revenue. Subsequently, in April 2024, the company was chosen as the 'preferred developer' for a 2.5-acre redevelopment project in Pali Hill, projected to yield over ₹2,000 crore in revenue from 4.10 lakh square feet of developed space.
The success of South India-based real estate companies in Mumbai is evident, with Prestige Estates Projects reporting substantial sales worth ₹1,300 crore at a luxury project in just three months post pre-launch in April.
With its focus on high-quality developments and strategic partnerships, Puravankara continues to tap the future of the urban living market in India.
