The corporate intends to construct a high-end, mixed-use residential venture on the land. The venture could be launched in the course of the pageant season within the present monetary 12 months, it stated in an announcement.
The land parcel is strategically positioned in Patlipada on Ghodbunder Highway — a micro-market which is seeing intense building by different builders too with the speedy tempo of infrastructure growth and an upcoming metro line that can enhance the realm’s connectivity with the principle metropolis. Moreover, the Jap Freeway extension will present seamless accessibility to South Mumbai, whereas the Thane-Borivali twin tunnel venture beneath the Sanjay Gandhi Nationwide Park will scale back journey time between the Jap and Western Categorical highways.
Redevelopment tasks
Over the previous seven months the corporate has added tasks with potential income of over ₹7,500 crore within the Mumbai Metropolitan Area. It has introduced two redevelopment tasks in two upmarket areas in Mumbai, Pali Hill and Lokhandwala.
In November 2023, Puravankara secured rights to undertake the redevelopment of two housing societies spanning three acres within the Lokhandwala space of Andheri West. The venture has a growth potential of 5.8 lakh sq. ft carpet space and a possible income of ₹1,500 crore. In April 2024, the corporate was chosen because the ‘most popular developer’ for a 2.5-acre redevelopment venture in Pali Hill with a growth potential of 4.10 lakh sq. ft and a possible income of over ₹2,000 crore.
South India-based actual property firms which have just lately began promoting tasks in Mumbai have met with spectacular success. In April, Status Estates Initiatives introduced the sale of stock price ₹1,300 crore at a luxurious venture within the metropolis, inside first three months of pre-launch.
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