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Puravankara, through its subsidiary, has obtained redevelopment rights for a housing society in Malabar Hill, one of South Mumbai's prime neighbourhoods. The society spans 1.43 acres and offers a development potential of about 0.7 million sq ft. The project carries a gross development value (GDV) of INR 2,700 crore. This acquisition comes shortly after the company's Chembur redevelopment win and builds on its earlier Breach Candy project. Together, these developments increase Puravankara's Mumbai portfolio to 4.25 million sq ft with an overall GDV potential of INR 10,500 crore.
Puravankara Limited, through its wholly owned subsidiary Purva Blue Agate Pvt Ltd, has acquired the redevelopment rights of a residential society in South Mumbai's Malabar Hill. The plot measures 1.43 acres and provides a development potential of close to 0.7 million sq ft. According to company updates, the project has an estimated gross development value of INR 2,700 crore. Advertisement
The company has said that this project will be positioned in the luxury housing segment, in line with the premium nature of the Malabar Hill micro-market. Located in one of Mumbai's most expensive and land-constrained neighbourhoods, the society's redevelopment marks Puravankara's second entry into South Mumbai, following its earlier acquisition of redevelopment rights at the Miami Apartments in Breach Candy.
This move comes soon after the company's announcement of a redevelopment project in Chembur. There, Puravankara will be redeveloping eight societies across a four-acre parcel, creating over 1.2 million sq ft of saleable area with an estimated GDV of INR 2,100 crore. Together with Breach Candy and Malabar Hill, the Chembur redevelopment has added significant scale to the developer's Mumbai pipeline.
As a result of these recent additions, Puravankara now has a redevelopment portfolio of approximately 4.25 million sq ft in Mumbai, with a total GDV of about INR 10,500 crore. The company's management has described this as a strategic strengthening of its presence in Mumbai, which has become a focus market for its future growth.
The company has also expanded its presence in other high-demand neighbourhoods such as Pali Hill, Lokhandwala, and Andheri West, further diversifying its redevelopment projects across different parts of the city. With land scarcity limiting fresh greenfield projects in central and south Mumbai, redevelopment has become one of the key ways for developers to expand in these locations.
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