Puravankara Buys Land in Mumbai for Rs 4,000 Cr Project
By Rediff Money Desk, Bengaluru Jun 01, 2024 16:37
Puravankara Ltd has acquired 12.75 acres in Mumbai to develop a residential project with an estimated revenue potential of Rs 4,000 crore.
![Puravankara Buys Land in Mumbai for Rs 4,000 Cr Project](https://im.rediff.com/money/2016/mar/14realty1.jpg)
Bengaluru, Jun 1 (PTI) Realty firm Puravankara Ltd on Saturday said it has acquired 12.75 acre land in Mumbai Metropolitan Region (MMR) to develop a residential project with an estimated revenue potential of Rs 4,000 crore.
In a regulatory filing, the company informed about the acquisition of the land in Patlipada on Ghodbunder Road, Thane, by its wholly-owned subsidiary Purva Oak Pvt Ltd.
The city-based company did not disclose the name of the seller and the deal value.
"The land has an estimated potential carpet area of 18.20 lakh square feet and a potential Gross Development Value (GDV) of Rs 4,000 crore over the project lifecycle," the filing said.
Puravankara will develop a mixed-use residential project on this land parcel. It plans to launch the project in the current fiscal year.
The company has been expanding its presence in MMR real estate market.
It has completed 86 residential and commercial projects of around 50 million square feet across nine cities - Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa.
The company's total land bank is around 36 million square feet, and ongoing projects add up to 32 million square feet.
In a regulatory filing, the company informed about the acquisition of the land in Patlipada on Ghodbunder Road, Thane, by its wholly-owned subsidiary Purva Oak Pvt Ltd.
The city-based company did not disclose the name of the seller and the deal value.
"The land has an estimated potential carpet area of 18.20 lakh square feet and a potential Gross Development Value (GDV) of Rs 4,000 crore over the project lifecycle," the filing said.
Puravankara will develop a mixed-use residential project on this land parcel. It plans to launch the project in the current fiscal year.
The company has been expanding its presence in MMR real estate market.
It has completed 86 residential and commercial projects of around 50 million square feet across nine cities - Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa.
The company's total land bank is around 36 million square feet, and ongoing projects add up to 32 million square feet.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.74 (+ 2.62)
- 84886833
- Srestha Finvest
- 2.24 (+ 4.67)
- 34707853
- Ola Electric Mobilit
- 132.76 (+ 19.99)
- 27685743
- Suzlon Energy Ltd.
- 79.93 (+ 4.10)
- 27308498
- IFL Enterprises
- 1.22 (+ 4.27)
- 24757806
MORE NEWS
![Sebi Eases...](https://im.rediff.com/80-80/money/2024/aug/10sebi1.jpg)
Sebi Eases Compliance for Listed NCDs - New...
Sebi proposes amendments to simplify compliance requirements for entities with listed...
![Chandrasekaran:...](https://im.rediff.com/80-80/news/2018/jan/04modi.jpg)
Chandrasekaran: Learn From Indian Wisdom &...
Tata Group Chairman N Chandrasekaran emphasizes the importance of learning from Indian...
JSW Cement Files IPO Papers to Raise Rs 4,000...
JSW Cement has filed draft papers with Sebi for an IPO to raise Rs 4,000 crore. The IPO...