Puravankara acquires 12.75 acre plot in Thane; potential GDV pegged at Rs 4,000 crores

MUMBAI: Bengaluru-based property developer Puravankara Limited on Saturday announced the acquisition of a 12.75-acre land at Patlipada on GhodbunderRoad in Thane by its wholly owned subsidiary Purva Oak Private Limited. \

The estimated potential land area is 18.20 lakh square feet and the potential gross development value (GDV) is Rs 4,000 crores over the life cycle of the project.

“We are delighted to announce the acquisition of a prime 12.75-acre plot in Thane, further strengthening our commitment to the sustainable and dynamic MMR 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 CEO added, “Between these three acquisitions, we have added over Rs 7,500 crores of GDV to our MMR portfolio. Our continued investment in MMR reflects our vision to deliver international quality homes with trust and transparency.”

In November 2023, Puravankara secured the rights to redevelop two 3-acre housing societies in Lokhandwala area of ​​Andheri West.

The project has a development potential with a carpet area of ​​5.8 lakh sq ft 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 square feet of carpet space and a potential GDV of over Rs 2,000 crores.

“The acquisition of the plot in Thane is Puravankar’s third major announcement in the last 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 of this financial year with a vision to deliver one of the best projects in Thane,” said Rajat Rastogi, CEO, West & Commercial Assets, Puravankara Limited.

The plot is located in Patlipada on Ghodbunder Road – a micro market highly preferred by discerning homebuyers due to its wide range of offerings, connectivity advantages and robust social infrastructure, the company said. The upcoming 4th metro line will further improve connectivity in the area.

Puravankara recently reported that its sales rose to Rs 1,947 crores in Q4FY24, up 93% year-on-year. Sales volume for the quarter was 2.35 msft (+94% YoY) and collection was Rs 1,094 crore (+66% YoY). Total revenues for Q4FY24 were Rs 947 crores, up 112% year-on-year.

For the full financial year 2023, sales stood at Rs 5,914 crore, a staggering 90% year-on-year growth. Sales volume increased by 84% to 7.36 msft with a crop of Rs 3,609 crore (+60% YoY). Total revenue grew 61% year-on-year to Rs 2,260 crore.