In a significant move within the Mumbai Metropolitan Region's (MMR) real estate market, Bengaluru-based Puravankara Limited has announced the acquisition of a 12.75-acre land parcel in Thane. This strategic purchase, located in Patlipada on Ghodbunder Road, is set to house a residential project with an estimated revenue potential of ₹4,000 crore. The announcement was made by the company on June 1, highlighting its continued expansion within the MMR.
Puravankara’s acquisition of the land through its wholly-owned subsidiary, Purva Oak Private Limited, underscores the company's commitment to developing high-value residential projects. The land, with an estimated potential carpet area of 18.20 lakh sq ft, promises a significant Gross Development Value (GDV) of ₹4,000 crore over the project lifecycle.
Key Details:
- Location: Patlipada, Ghodbunder Road, Thane
- Land Area: 12.75 acres
- Estimated Carpet Area: 18.20 lakh sq ft
- Estimated GDV: ₹4,000 crore
- Acquired By: Purva Oak Private Limited (wholly-owned subsidiary of Puravankara Limited)
- Launch Timeline: Festive season of the current financial year
While the company has not disclosed the seller or the exact deal value, the acquisition is a part of Puravankara's broader strategy to strengthen its portfolio in the MMR.
This latest acquisition marks the third major announcement from Puravankara in the past seven months. The company had previously announced redevelopment projects in Pali Hill and Lokhandwala, adding a combined GDV of over ₹7,500 crore to its MMR portfolio.
"We are thrilled to announce the acquisition of a prime 12.75-acre land parcel in Thane, further solidifying our commitment to Mumbai Metropolitan Region (MMR)’s sustainable and dynamic real estate market," said Ashish Puravankara, Managing Director of Puravankara Limited.
Rajat Rastogi, CEO - West and Commercial Assets, added, "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.
Strategic Location and Connectivity
Patlipada on Ghodbunder Road is a strategic location highly favored by homebuyers due to its excellent connectivity and robust social infrastructure. The upcoming metro line 4 will enhance connectivity, while the Eastern Freeway extension will provide seamless accessibility to South Mumbai. Additionally, the Thane Borivali twin tunnel project under the Sanjay Gandhi National Park (SGNP) is expected to significantly reduce travel time between the Eastern and Western Express highways.
Location Advantages:
- Upcoming Metro Line 4: Improved connectivity
- Eastern Freeway Extension: Enhanced access to South Mumbai
- Thane Borivali Twin Tunnel Project: Reduced travel time across express highways
Competitive Thane Real Estate Market
Thane’s real estate market has seen the entry of several branded developers in recent years, including Raymond Realty, Oberoi, and Rustomjee. Hiranandani already has a strong presence in the area. In May 2024, L&T Realty signed a joint development agreement (JDA) for a slum rehabilitation project to develop 31.25 lakh sq ft worth ₹697 crore in Thane, highlighting the area's attractiveness for large-scale developments.
The per square foot rate for residential apartments in Thane varies between ₹10,000 to ₹25,000, depending on the locality and proximity to social infrastructure, according to local brokers.
Puravankara's Expansive Portfolio
Puravankara Limited has a strong presence across India, with 86 completed residential and commercial projects covering around 50 million square feet in cities like Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company's total land bank is around 36 million square feet, with ongoing projects adding up to 32 million square feet.
The acquisition of this prime land in Thane by Puravankara Limited marks a significant step in the company's expansion within the MMR. With the project's strategic location and substantial revenue potential, Puravankara is set to further solidify its presence in one of India’s most dynamic real estate markets. The upcoming residential project promises to be a landmark development, enhancing the appeal of Thane as a prime residential destination.
Stay tuned for more updates on this exciting project and other developments in the real estate sector.
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