Bengaluru-based real estate developer Puravankara will redevelop eight residential societies in Mumbai's upmarket neighbourhood of Chembur. The project will have an estimated gross development value (GDV) of Rs 2,100 crore, the company said on July 7.
The announcement ramps up Puravankara's redevelopment pipeline in the city, with a significant chunk of GDV anticipated to come from redeveloping residential buildings.
Puravankara already has rights for redevelopment projects in Mumbai’s Breach Candy, Pali Hill, and Lokhandwala areas. These reflect Puravankara’s growing footprint in the redevelopment segment in the western region, the company 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,” Ashish Puravankara, managing director (MD), Puravankara Limited, said.
The redevelopment project will unlock total development potential of over 1.2 million square feet, spread over approximately four acres.
With 11 projects across Mumbai and Pune, spanning approximately 14 msf, including 3.6 msf in redevelopment, the company is committed to strengthening its footprint in the western region, the MD said.
“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.
Rajat Rastogi, CEO-West and commercial assets, Puravankara, said as the company celebrate its golden jubilee year, this achievement not only reinforces company’s position as a trusted partner in the redevelopment space but also strengthens its presence in Mumbai’s competitive real estate market.
“We remain committed to driving innovation and delivering value to all stakeholders, residents, partners, and the communities we serve,” he said.
Puravankara has a presence in Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. As of March 31, 2025, Puravankara has completed more than 90 projects measuring 53 msf across nine cities. The company's total developable land bank is 25 msf, and ongoing projects add up to 37 msf.
At 11.44 am, the Puravankara stock was trading at Rs 291.65 on the National Stock Exchange, up 3.04 percent from the previous close.
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