Real estate firm Puravankara Ltd on June 1 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 crore over the project lifecycle.
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 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."
“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 crore. 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.
On May 31, Puravankara's shares closed 5 percent higher at Rs 407.6 apiece.
"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," said Puravankara in a stock exchange filing.
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 crore. 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 4.1 lakh sq ft carpet area and a potential GDV of over Rs 2,000 crore.
Meanwhile, the firm's sales soared to Rs 1,947 crore in Q4FY24, a 93 percent YoY growth. Sales volume for the quarter stood at 2.35 msft, up 94 percent YoY with a strong collection of Rs 1,094 crore, up 66 percent YoY). Total revenue for Q4FY24 was Rs 947 crore, up by 112 percent on an annual basis.
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