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

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

Updated on: Apr 24, 2024, 07:44:53 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

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.

“...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.

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

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Real Estate News

Stay updated with latest Real Estate news and updates from India and around the World, explore the latest market moves and premium property listings updates now on Hindustan Times