Peninsula Land, part of the Ashok Piramal Group, has acquired two land parcels totalling 40 acres in Alibaug and Karjat through its Rs 765-crore real estate development platform. Of these, the company has purchased 11 acres in the Sogaon area of Alibaug and 29 acres in Bhilawale area of Karjat.
The company has acquired these land parcels through the platform that was set up last year in partnership with Alpha Alternatives and Delta Corp. Of the total corpus, around Rs 216 crore has been committed by the joint venture partners towards the two projects so far.
This platform was formed to pursue residential redevelopment projects in the Mumbai Metropolitan Region (MMR) and plotted development in locations around Mumbai, including Alibaug, Khopoli, Karjat, and Pune.
“This marks the first deployment of capital from our real estate platform and represents a focused commitment to growing our plotted development business. These projects reflect our belief in land as a timeless asset class. Our objective is to simplify land ownership by removing traditional barriers, whether it is ambiguous titles, counterparty risk, or poor infrastructure,” said Rajeev Piramal, CEO and MD, Peninsula Land.
The latest acquisition in Alibaug has been carried out through Prairie Real Estate LLP, a special purpose vehicle formed under the joint venture. These two sites, Alibaug and Karjat, represent the first land acquisitions made under the platform, with a combined land bank of 40 acres.
Peninsula Land also has plotted development projects in other markets including Pune, Nashik, Goa, and Lonavala. The current focus of the platform is on land aggregation and development in residential and second-home markets near Mumbai.
The joint venture was formalised through a Joint Venture Agreement signed in June 2024, which had earlier received shareholder approval at an Extraordinary General Meeting held on June 3, 2024.
Land deals and acquisitions in India have gained momentum over the past year, driven by demand for residential, industrial, and warehousing projects. Developers are actively securing land banks in and around major urban centres such as Mumbai, Bengaluru, Delhi-NCR, and Pune to meet future project pipelines.
Locations like Alibaug, Karjat, and peripheral areas of metros are seeing rising interest, particularly for plotted and second-home developments. The Mumbai Trans Harbour Link (Atal Setu), upcoming Navi Mumbai International Airport, enhanced railway access, and other infrastructure projects are rapidly transforming these into high-growth micro-markets.
In many cases, acquisitions are being structured through joint ventures or asset-light platforms with institutional investors. The focus, according to experts, remains on strategic, well-connected parcels that offer development potential amid regulatory clarity and improving infrastructure.
The company has acquired these land parcels through the platform that was set up last year in partnership with Alpha Alternatives and Delta Corp. Of the total corpus, around Rs 216 crore has been committed by the joint venture partners towards the two projects so far.
This platform was formed to pursue residential redevelopment projects in the Mumbai Metropolitan Region (MMR) and plotted development in locations around Mumbai, including Alibaug, Khopoli, Karjat, and Pune.
“This marks the first deployment of capital from our real estate platform and represents a focused commitment to growing our plotted development business. These projects reflect our belief in land as a timeless asset class. Our objective is to simplify land ownership by removing traditional barriers, whether it is ambiguous titles, counterparty risk, or poor infrastructure,” said Rajeev Piramal, CEO and MD, Peninsula Land.
The latest acquisition in Alibaug has been carried out through Prairie Real Estate LLP, a special purpose vehicle formed under the joint venture. These two sites, Alibaug and Karjat, represent the first land acquisitions made under the platform, with a combined land bank of 40 acres.
Peninsula Land also has plotted development projects in other markets including Pune, Nashik, Goa, and Lonavala. The current focus of the platform is on land aggregation and development in residential and second-home markets near Mumbai.
The joint venture was formalised through a Joint Venture Agreement signed in June 2024, which had earlier received shareholder approval at an Extraordinary General Meeting held on June 3, 2024.
Land deals and acquisitions in India have gained momentum over the past year, driven by demand for residential, industrial, and warehousing projects. Developers are actively securing land banks in and around major urban centres such as Mumbai, Bengaluru, Delhi-NCR, and Pune to meet future project pipelines.
Locations like Alibaug, Karjat, and peripheral areas of metros are seeing rising interest, particularly for plotted and second-home developments. The Mumbai Trans Harbour Link (Atal Setu), upcoming Navi Mumbai International Airport, enhanced railway access, and other infrastructure projects are rapidly transforming these into high-growth micro-markets.
In many cases, acquisitions are being structured through joint ventures or asset-light platforms with institutional investors. The focus, according to experts, remains on strategic, well-connected parcels that offer development potential amid regulatory clarity and improving infrastructure.
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