Puravankara eyes Rs 2,700 crore potential revenue from Malabar Hill redevelopment project

Real estate developer Puravankara on September 1 said that its wholly owned subsidiary Purva Blue Agate has acquired redevelopment rights for a prime residential society in Mumbai's Malabar Hill. The 1.43-acre project has a development potential of 0.7 million square feet and an estimated revenue potential of Rs 2,700 crore. It will provide new and premium homes for existing residents while also creating a substantial portion for sale.

Ashish Puravankara, managing director, Puravankara Ltd, said, “We are delighted to make our foray into Malabar Hill, one of Mumbai’s most prestigious addresses.”

This announcement follows Puravankara being selected as the preferred developer for the redevelopment of eight residential societies in Chembur in July 2025, with a development potential of over 1.2 million square feet and an estimated gross developmental value (GDV) of Rs 2,100 crore.

“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 this acquisition, our redevelopment portfolio in Mumbai now stands at 4.25 million square feet, with a potential GDV of Rs 10,500 crore,” said Rajat Rastogi, CEO - west & commercial assets, Puravankara Ltd.