Puravankara acquires 12.75-acre land parcel in Thane, shares up 3%

The company said Patlipada is a micro-market highly preferred by discerning home buyers due to connectivity advantages and robust social infrastructure.

Additionally, the upcoming metro line 4 will boost connectivity to the area. “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 will significantly reduce travel time between the eastern and western express highways,” the firm stated.

In November 2023, Puravankara acquired the rights to redevelop two housing societies spanning three acres in Lokhandwala, Andheri West. The project has a development potential of 5.8 lakh square feet and a potential GDV of ₹1,500 crore. The company was also selected as the ‘preferred developer’ for a 2.5-acre redevelopment project in Pali Hill, Mumbai in April 2024. This project has a development potential of 4.10 lakh square feet and a GDV of over ₹2,000 crore.

Ashish Puravankara, managing director of the firm said the land acquisition in Thane will help the company solidify its position in the Mumbai Metropolitan Region’s (MMR) 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 ₹7,500 crore of GDV to our MMR portfolio between these three acquisitions,” he said.

Shares of the company have risen by nearly 123% since the beginning of the year. The stock has gained over 381% in the last one year.