Purva Oak Acquires Prime Land in Thane, Set to Launch Project with Rs 4,000 Crore GDV
Thane, 1st June 2024: Purva Oak, a fully owned subsidiary of Puravankara, has successfully acquired 12.75 acres of prime land in Patlipada on Ghodbunder Road, Thane.
This expansive land parcel boasts an estimated potential carpet area of 18.20 lakh sq ft, promising a substantial gross development value (GDV) of Rs 4,000 crore throughout the project lifecycle.
Ashish Puravankara, the managing director of the company, expressed his anticipation for the upcoming project launch, scheduled during the festive season of this financial year. He highlighted the significant addition of over Rs 7,500 crore GDV to their MMR portfolio through these strategic acquisitions.
In November 2023, Puravankara secured the rights for the redevelopment of two housing societies spanning three acres in the Lokhandwala area of Andheri West. This venture presents a development potential of 5.8 lakh sq ft carpet area and a potential GDV of Rs 1,500 crore.
Subsequently, in April 2024, the company earned the designation of the ‘preferred developer’ for a 2.5-acre redevelopment project in Pali Hills. This project encompasses a development potential of 4.10 lakh sq ft carpet area, holding a potential GDV exceeding Rs 2,000 crore.
