Puranik Builders to develop integrated township on 300 acres near Mumbai

Realty developer Puranik Builders is planning to develop an integrated township spread over 300 acres at Neral on the outskirts of Mumbai. The township is estimated to have total saleable area of over 10 million sq ft after completion of the project in the next six years, said Managing Director Shailesh Puranik. The realty developer is planning to launch this affordable township in the next six months, as it has already completed the land acquisition for the same in the last three years. Apart from this, the company will also be launching four new projects spread over 6 million sq ft in the next two years, he said. Over the next four years, the company will be spending around Rs 2,000 crore over these projects. Of this, around 25% will be spent over the proposed township. The proposed capex will be funded through internal accruals and private equity participation at project level. Currently, Puranik has five projects spread over 1.5 million sq ft under construction in Mumbai, Thane, Lonavala and Pune. Source: http://economictimes.indiatimes.com/markets/real-estate/news-/puranik-builders-to-develop-integrated-township-on-300-acres-near-mumbai/articleshow/11704137.cms