Puravankara said that its wholly owned subsidiary, Purva Oak Private has acquired 12.75 acre land in Patlipada, Ghodbunder Road, Thane.
The acquired land parcel has an estimated potential carpet area of 18.20 lakh square feet and has a potential gross development value (GDV) of Rs 4,000 crore over the project lifecycle.In November 2023, the company has 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 4.10 lakh sq ft carpet area and a potential GDV of over Rs 2,000 crore.
The company said that the land parcel is strategically located in Patlipada on Ghodbunder Road. 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.
Ashish Puravankara, managing director (MD), Puravankara, said, "We are thrilled to announce the acquisition of a prime 12.75-acre land parcel in Thane, further solidifying our commitment to MMRs 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."
Rajat Rastogi, CEO - West & Commercial Assets, Puravankara, said, 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.
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The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brandsurva and Provident, respectively. The Group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune.
The company reported consolidated net loss of Rs 6.59 crore in Q4 FY24 as compared with net profit of Rs 26.66 crore posted in Q4 FY23. Revenue from operations zoomed 136.5% year on year (YoY) to Rs 919.97 crore in the quarter ended 31 March 2024.
The scrip advanced 4.19% to end at Rs 418 on the BSE.
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