MUMBAI: Bengaluru-headquartered real estate developer Puravankara Limited on Saturday announced the acquisition of 12.75 acres of land in Patlipada on GhodbunderRoad, 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.
“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,” said Ashish Puravankara, Managing Director, Puravankara Limited.
The MD added, “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,” said Rajat Rastogi, CEO - West & Commercial Assets, Puravankara Limited.
The land parcel is located in Patlipada onGhodbunder Road- a micro-market highly preferred by discerning home buyers due to the value-laden proposition, connectivity advantages, and robust social infrastructure, the company said. The upcoming metro line 4 will further improve the area's connectivity.
Puravankara recently reported that its sales soared to Rs 1,947 crores in Q4FY24, showcasing a 93% Y-o-Y growth. Sales volume for the quarter stood at 2.35 msft (+94% Y-o-Y) with a collection of Rs 1,094 crores (+66% Y-o-Y). Total revenue for Q4FY24 was Rs 947 crores, up by 112% Y-o-Y.
For the full financial year 2023, sales stood at Rs 5,914 crores, a staggering 90% Y-o-Y increase. Sales volume increased by 84% to 7.36 msft with Rs 3,609 crores in collections (+60% Y-o-Y). Total revenue increased by 61% Y-o-Y to Rs 2,260 crore.