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Puravankara to redevelop eight housing societies in Mumbai's Chembur with a gross development value of ₹2,100 crore
Mumbai Redevelopment News: Bengaluru-based Puravankara Limited announced that eight housing societies have a total development potential of 1.2 million sq ft
Bengaluru-headquartered listed real estate developer Puravankara Limited announced on July 7 that it has been selected as the preferred developer for the redevelopment of eight residential societies in Chembur, Mumbai.
The project, spread across four acres, will offer a development potential of 1.2 million sq ft and is expected to generate a gross development value (GDV) of ₹2,100 crore.
According to the company, this announcement follows Puravankara’s previous acquisitions of development rights for prestigious redevelopment projects in Mumbai’s Breach Candy, Pali Hill, and Lokhandwala.
These projects reflect Puravankara’s growing footprint in the redevelopment segment in the western region, underscoring its commitment to revitalising urban spaces with quality and integrity, the company said.
“Securing marquee redevelopment projects in highly sought-after Mumbai neighbourhoods such as Breach Candy, Pali Hill, Lokhandwala, and now Chembur is a strong validation of the trust, discerning societies and residents place in the Puravankara brand. What distinguishes us is not just our vision, but also our design-led approach and unwavering focus on quality,” said Ashish Puravankara, Managing Director, Puravankara Limited.
Puravankara now has 11 projects across Mumbai and Pune
According to the company, it now has 11 projects across Mumbai and Pune, spanning approximately 14 million sq ft, including 3.6 million sq ft in redevelopment.
The Western region is expected to contribute a GDV of approximately ₹18,000 crore, of which approximately ₹7,700 crore will come from redevelopment alone, the company statement said.
"After receiving a phenomenal response for our existing project in Chembur (Purva Clermont), our expansion in this micro-market will strengthen our footprint further. As we celebrate our Golden Jubilee year, this achievement not only reinforces our position as a trusted partner in the redevelopment space but also strengthens our presence in Mumbai’s vibrant and competitive real estate market. We remain committed to driving innovation and delivering value to all stakeholders, residents, partners, and the communities we serve," said Rajat Rastogi, CEO, West and Commercial Assets, Puravankara Limited.
South Mumbai foray
Puravankara announced in September 2024 that it had secured the redevelopment rights of a housing society named Miami Apartments at Breach Candy in South Mumbai.
The company also announced that it would be redeveloping four more societies in the Andheri area of Mumbai.
‘The south Mumbai housing society is spread over 2,000 sq m of land, marks our entry into the uber-luxury South Mumbai market, where rates (as per market sources) are estimated in the range of ₹1,25,000 and ₹1,40,000 per sq ft,’ the company had said in the statement issued on September 12.
