Representative image for real estate.
Credit: iStock Photo
Bengaluru: 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.