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Bengaluru: Puravankara Limited, a Bengaluru-based property developer, on Monday said it has bagged contracts to redevelop eight residential societies in Chembur, Mumbai. This will help the company unlock a total development potential of over 1.2 million square feet, spread over approximately 4 acres, with an estimated gross development value (GDV) of Rs 2,100 crore.
This announcement follows Puravankara’s previous acquisitions of development rights for prestigious redevelopment projects in Mumbai’s Breach Candy, Pali Hill, and Lokhandwala. These strategic wins reflect Puravankara’s growing footprint in the redevelopment segment in the west region.
Commenting on the development, Ashish Puravankara, Managing Director, Puravankara Limited 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."
"Now with 11 projects across Mumbai and Pune, spanning approximately 14 million square feet, including 3.6 million square feet in redevelopment, Puravankara is strengthening its footprint in the western region. The region is expected to contribute a GDV of approximately Rs 18,000 crore, of which approximately Rs 7,700 crore will come from redevelopment alone," Puravankara said.