Mumbai: Puravankara
Limited (NSE: PURVA | BSE: 532891), one of India’s most trusted and admired
real estate developers, today announced the acquisition of redevelopment rights
for a prime residential society in Malabar Hill, Mumbai, through its wholly
owned subsidiary, Purva Blue Agate Pvt Ltd.
A new standard for luxury living is coming to South
Mumbai. This 1.43-acre project offers a development potential of 0.7 million
square feet, providing new, premium homes for existing residents while also
creating a substantial portion for sale. With an estimated revenue potential of
Rs 2,700 crores, this exclusive residential enclave will redefine luxury in the
city.
Commenting on the development, Ashish
Puravankara, Managing Director, Puravankara Limited, said, “We are
delighted to make our foray into Malabar Hill, one of Mumbai’s most prestigious
addresses. This redevelopment project reflects our commitment to creating
world-class homes while contributing to the evolving urban fabric of India’s
financial capital. With its location, scale, and luxury positioning, this
project is in perfect alignment with our strategy of expanding into key
strategic markets across the city.”
This announcement comes close on the heels of
Puravankara being selected as the preferred developer for the redevelopment of
eight residential societies in Chembur (July 2025), with a development
potential of over 1.2 million square feet and an estimated GDV of Rs 2,100
crores.
“The addition of Malabar Hill further strengthens
our Mumbai portfolio and underscores our growing role in the city’s
redevelopment story. This is our second major redevelopment in South Mumbai
after the Miami Apartments at Breach Candy. With a sharp focus on design
excellence, transparency, and timely delivery, we continue to be the trusted
partner for societies embarking on redevelopment. With this acquisition, our
redevelopment portfolio in Mumbai now stands at 4.25 million square feet, with
a potential GDV of Rs 10,500 crores,” said Rajat
Rastogi, CEO - West & Commercial Assets, Puravankara Limited.
Over the last two years, Puravankara has steadily
built a strong redevelopment pipeline with projects in Breach Candy, Pali Hill,
and Lokhandwala. The latest addition at Malabar Hill reinforces the company’s
position as a key player in Mumbai’s rapidly evolving redevelopment landscape.
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.