Peninsula Land banks on plotted development for next phase of growth

Peninsula Land launches Peninsula Estates to tap rising demand for plotted developments, with new projects planned in Karjat and Alibaug near Mumbai

Peninsula Land — the real estate entity of the Ashok Piramal Group — has launched Peninsula Estates, a vertical dedicated to plotted development projects, as the firm is banking on the plotted development segment to drive its next phase of growth.

 

To start with, the company, under its ₹765-crore platform with Alpha Alternatives and Delta Corp, will launch projects in Karjat and Alibaug in the Mumbai metropolitan region (MMR), with a combined revenue potential of around ₹700 crore and investments of ₹250 crore.

 

The company will sell plots of about 2,500–3,500 square feet with a ticket size of around ₹2.5–3 crore in Karjat and ₹3.5–4 crore in Alibaug, with the initiative positioned as “co-primary homes”.

 

Rajeev Piramal, executive vice-chairman and managing director, Peninsula Land, said: “With increasing intensity, density, and demand in urban centres, individuals today are placing greater importance on prioritising their wants and desires, and focusing on quality of life once their basic needs are fulfilled. That evolving mindset is what brings Peninsula Estates into the picture. By offering well-planned, complete ownership of land at accessible distances from Mumbai, we are enabling people to build homes that reflect who they are — without the traditional anxieties associated with buying land.”

 

Further, over the next 12–18 months, the company is looking to add two to three more plotted projects in Alibaug, Karjat and Pune, only through fresh acquisitions.

 

Apart from the plotted segment, the company is also aiming to grow its redevelopment portfolio. It is working on three projects across Worli, Versova (under the Peninsula sheet), and Bandra–Pali Hill (via a platform), with a typical project topline of ₹600–900 crore. Piramal added that plotted development and redevelopment will be the company’s core focus areas for the next 12–18 months.

 

Additionally, for the platform, the company is yet to deploy ₹225 crore of its total commitment of ₹465 crore. It plans to fund the remaining investments through internal accruals and collections from its projects that are nearing completion.