Advertisement
Puravankara Limited has won the bid to redevelop eight residential societies in Chembur, Mumbai. This project covers about 4 acres with over 1.2 million sq ft of development potential and an estimated Gross Development Value (GDV) of INR 2,100 crore. The move expands Puravankara's presence in Mumbai's redevelopment sector, which now includes 3.6 million sq ft of projects across 11 sites in Mumbai and Pune. The company aims for a GDV of INR 18,000 crore from the western region, with INR 7,700 crore from redevelopment alone.
Puravankara Limited, a real estate developer, has recently won the bid to redevelop eight residential societies in Chembur, Mumbai through a cluster redevelopment scheme. This project covers approximately 4 acres, with a total development potential of over 1.2 million square feet. It holds an estimated Gross Development Value (GDV) of INR 2,100 crore. Advertisement
This announcement follows Puravankara's previous acquisitions of development rights for redevelopment projects in Breach Candy, Pali Hill, and Lokhandwala. These efforts reflect Puravankara's growing presence in the redevelopment segment in the west region.
Ashish Puravankara, Managing Director, Puravankara Limited, stated that securing redevelopment projects in highly sought-after Mumbai neighborhoods validates the trust societies and residents place in the Puravankara brand. He added that their design-led approach and focus on quality distinguish them. He also stated that with 11 projects across Mumbai and Pune, spanning approximately 14 million square feet (including 3.6 million square feet in redevelopment), they are committed to strengthening their footprint in the western region. The region is expected to contribute a GDV of approximately INR 18,000 crore, with about INR 7,700 crore coming from redevelopment alone.
Rajat Rastogi, CEO-West and Commercial Assets, Puravankara Limited, stated that they are honored to be selected as the developer to redevelop eight societies in Chembur. He added that after receiving a good response for their existing project in Chembur (Purva Clermont), their expansion in this micro-market will strengthen their footprint further. He also stated that as the company celebrates 50 years of operations, this achievement reinforces their position as a trusted partner in the redevelopment space and strengthens their presence in Mumbai's real estate market.
He concluded that they remain committed to driving innovation and delivering value to all stakeholders. Puravankara's continued success and strong pipeline in the redevelopment space reflect its execution capabilities, customer-centric approach, and expertise in navigating complex urban projects. Redevelopment is a crucial part of Mumbai's real estate market due to the city's density and aging housing stock. Such projects address the need for modern housing and improved urban infrastructure.
Source- ANI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
