Bengaluru-based Puravankara Ltd to redevelop housing society project in Mumbai’s Pali Hill - Hindustan Times
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Bengaluru-based Puravankara Ltd to redevelop housing society project in Mumbai’s Pali Hill

Apr 24, 2024 07:44 AM IST

The Mumbai redevelopment project has a cumulative estimated development potential of 4.10 lakh sq ft carpet area and a potential GDV of over ₹2,000 crore

Bengaluru-based real estate developer Puravankara Ltd has been appointed as developer for Mumbai’s Pali Hill redevelopment project, the company said in a regulatory filing on April 23.

Bengaluru-based real estate developer Puravankara Ltd has been appointed as developer for Mumbai’s Pali Hill redevelopment project, the company said in a regulatory filing on April 23. (Representational photo)
Bengaluru-based real estate developer Puravankara Ltd has been appointed as developer for Mumbai’s Pali Hill redevelopment project, the company said in a regulatory filing on April 23. (Representational photo)

“...the company has been unanimously selected as the preferred developer for redeveloping a residential housing society in Pali Hill, Mumbai. Pali Hill is a premium address in Bandra West, with property rates ranging from 1 lakh to 1.20 lakh per sq ft,” the company said in a regulatory filing.

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Also Read: Bengaluru water crisis: Has it impacted real estate sales?

The project has a cumulative estimated development potential of 4.10 lakh sq ft carpet area, with over 2.15 lakh sq ft available for sale, and a potential Gross Development Value (GDV) of over 2,000 crore, the company said.

The posh Mumbai residential society is spread slightly over two-and-a-half acres.

“At present, the company is in advanced stages of discussions for the redevelopment of three to four other housing societies in Mumbai,” the company said in a regulatory filing.

Also Read: Mumbai real estate market: Here’s why listed realtors are making a beeline for redevelopment projects

“We have been appointed as the preferred developer for the prestigious Pali Hill redevelopment project. In November 2023, we had acquired the redevelopment rights for two housing societies in Lokhandwala, Mumbai,” said Rajat Rastogi, CEO of West & Commercial Assets, Puravankara Limited.

Also Read: Puravankara Ltd in advanced stages of discussion for redevelopment of 3-4 housing societies in Mumbai: Group CEO

The company recently announced that it had crossed 5,900 crores in sales value in its operational update for FY24, an increase of 90% when compared to Rs. 3,107 crores in FY23. 

Also Read: Bengaluru-based Puravankara crosses 5,914 crore in sales in FY24

 

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