Mumbai : Puravankara Limited (NSE: PURVA | BSE:
532891), one of India’s most trusted and admired real estate developers, has
been selected as the preferred developer for the redevelopment of eight
residential societies in Chembur, Mumbai. This marks a significant milestone for
the company, unlocking 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, underscoring its commitment to revitalising
urban spaces with quality and integrity.
Commenting on the strategic
announcement, 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, we are committed to
strengthening our 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.”
Rajat Rastogi, CEO-West
and Commercial Assets, Puravankara Limited, added, “We are honoured to be selected
as the developer to redevelop eight societies in Chembur. 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.”
Puravankara’s continued
success and strong pipeline in the redevelopment space reflect its strong
execution capabilities, customer-centric approach, and deep expertise in
navigating complex urban projects. As the company celebrates 50 years of
operations, it remains committed to shaping the future of urban living through
sustainable, well-designed, and community-focused developments.