Ashok Piramal Group company Peninsula to develop 300-acre plot in Mumbai

MUMBAI: Peninsula Land, an Ashok Piramal Group company, will jointly develop a 300-acre plot in Thane with an unknown land aggregation firm, sources familiar with the development said. Peninsula will plan, construct , market and sell the property developed on the land parcel, while the landowner will get around 22% share of revenue for parting with the land, said one of the sources.

Peninsula is planning to develop an integrated residential township in three-to-four phases on this land parcel adjacent to Kalyan-Thane road. Total development potential of the plot is around 6 million sq ft. The company did not respond to an email query. Peninsula is currently in the process of getting requisite approvals for the proposed township, and is planning to start construction in the next one year.

The developer has already deposited around Rs 90 crore in favour of the landowner along with a token amount of Rs 9 crore. With this latest land parcel, the company’s total land bank would move to over 600 acres, including 100 acres in Pune and 94 acres in Nasik, apart from the three projects under construction in Mumbai. In the past 18 months, Peninsula Land has spent around Rs 1,200 crore for land acquisition in Mumbai. These land acquisitions include a bungalow on Carmichael Road in south Mumbai that was jointly bought by Peninsula and developer Khemchand Kothari for Rs 300 crore.