Puranik Group Consolidates Position as Ghodbunder Road’s Largest Middle-Income Housing Developer

Thane, July 22, 2025: In a market where most developers have pivoted toward luxury and high-margin products, Puranik Group has reinforced its long-term commitment to the middle-income segment, emerging as the largest residential developer on Ghodbunder Road in Thane.

According to verified MahaRERA filings and publicly disclosed data, Puranik Group has delivered over 7.5 mn sq ft of housing stock on Ghodbunder Road since 2000 with more than 9,000 families residing across its townships. This places the developer at the top of the supply and occupancy charts in the corridor—both in terms of scale and community formation.

“We didn’t enter Ghodbunder Road to chase a cycle. We arrived before the market was ready—and we stayed because the need was real,” said Shailesh Puranik, MD, Puranik Builders. 

“Our model was always built around end-users, not price escalations. This philosophy is what defines our footprint—and perhaps why it continues to grow.” 

Projects such as Puranik City, Rumah Bali and Tokyo Bay were among the first large-format townships in the region, offering themed, self-sufficient layouts catering to Thane’s growing salaried and service-class population. Over the years, Puranik has retained its strategic pricing band between INR 55–90 lakh, choosing to prioritise volume, brand trust and lifecycle engagement over luxury repositioning.

Property prices on Ghodbunder Road have increased from INR 6,400 per sq ft in 2014 to INR 13,800–INR 18,000 per sq ft in 2024 (CRE Matrix), registering a steady CAGR of 8.3 per cent. This growth remains modest compared to neighbouring micro-markets like Airoli or Kalyan, allowing the corridor to retain its affordability positioning.

Yet, residential registration data shows a 28.1 per cent jump in FY25 with over 81 per cent of sales designated for self-use—a rare phenomenon in MMR’s largely investor-driven market. 

Today, Ghodbunder Road is emerging as a model corridor for infrastructure-aligned housing. Metro Line 4 is in advanced testing; the Borivali–Thane twin tunnel is under construction; the Kasarvadavli flyover is operational; and a proposed coastal arterial link (Balkum–Gaimukh) is under active planning. Puranik’s early-entry advantage means most of its developments are already integrated into these upcoming mobility networks.

The group also maintains one of the largest contiguous land holdings in the belt—positioning it to scale up in future phases without fragmented redevelopment risks. For industry stakeholders, Puranik’s consistent delivery, non-deviation from the core segment and strong channel partner network have made it a model of sustainable middle-income development.

“There’s a visible shift in how trade views Puranik today—not just as a first mover on Ghodbunder but as the developer that defined the corridor’s character,” said a Thane-based senior channel aggregator. 

As the Maharashtra government contemplates structured middle-income housing corridors under its upcoming Urban Housing 2040 policy, Ghodbunder Road is under the spotlight—and Puranik Group’s market share, price integrity and infrastructure foresight place it at the centre of this evolving blueprint.