Puravankara Acquires Prime Land in MMR for Rs 4,000 Crore Project

Real estate firm Puravankara Ltd has acquired 12.75 acres of land in the Mumbai Metropolitan Region to develop a mixed-use residential project, estimated to generate Rs 4,000 crore in revenue. The land, located in Patlipada on Ghodbunder Road, Thane, offers a potential carpet area of 18.20 lakh square feet.

In a strategic move to bolster its market presence, real estate giant Puravankara Ltd announced the acquisition of a 12.75-acre land parcel in the Mumbai Metropolitan Region (MMR), poised for a mixed-use residential project. This significant project is projected to yield an estimated revenue of Rs 4,000 crore.

Details of the acquisition were disclosed through a regulatory filing, highlighting that Purva Oak Pvt Ltd, a fully-owned subsidiary of Puravankara, finalized the deal for the prime land located in Patlipada on Ghodbunder Road, Thane. Both the seller's identity and the transaction's value were kept confidential.

The newly acquired land has a projected carpet area potential of 18.20 lakh square feet and a Gross Development Value (GDV) of Rs 4,000 crore over its lifecycle. The project is slated for launch within the current fiscal year, reflecting Puravankara's ongoing expansion in the MMR real estate landscape.