Realty developer Puravankara has acquired the rights to undertake redevelopment of a prime housing society in south Mumbai’s Malabar Hill locality through a Rs 2,700-crore project.
This housing society spread over 1.43 acres of land parcel holds a development potential of 7 lakh sq ft including premium homes for existing residents and a substantial portion for sale.
“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,” said Ashish Puravankara, Managing Director, Puravankara.
This is one of the largest redevelopment projects being initiated in South Mumbai, the country’s most expensive property market. This follows Puravankara’s previous acquisitions of rights for redevelopment projects in Mumbai’s Breach Candy, Pali Hill, and Lokhandwala localities.
The listed company was also recently selected as the preferred developer for the redevelopment of a total eight residential societies in Mumbai’s eastern suburb Chembur. With a development potential of over 1.2 million sq ft, this project in Chembur is estimated to hold a gross development value of Rs 2,100 crores.
“The addition of Malabar Hill further strengthens our Mumbai portfolio. This is our second major redevelopment in South Mumbai. With this acquisition, our redevelopment portfolio in Mumbai now stands at 4.25 million sq ft, 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 built a redevelopment pipeline with projects in Mumbai.
An increasing number of real estate developers from outside Mumbai are turning their focus to the country’s biggest and most expensive property market, drawn by sustained demand and the long-term potential of redevelopment-led activity.
With land parcels limited and pricing levels elevated, developers from regions such as Bengaluru, Delhi NCR, and Pune are looking to establish a presence in India’s most complex property market.
Mumbai’s housing market continues to witness robust performance in registrations and high-value transactions across key micro-markets, prompting outside players to explore opportunities here.
This housing society spread over 1.43 acres of land parcel holds a development potential of 7 lakh sq ft including premium homes for existing residents and a substantial portion for sale.
“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,” said Ashish Puravankara, Managing Director, Puravankara.
This is one of the largest redevelopment projects being initiated in South Mumbai, the country’s most expensive property market. This follows Puravankara’s previous acquisitions of rights for redevelopment projects in Mumbai’s Breach Candy, Pali Hill, and Lokhandwala localities.
The listed company was also recently selected as the preferred developer for the redevelopment of a total eight residential societies in Mumbai’s eastern suburb Chembur. With a development potential of over 1.2 million sq ft, this project in Chembur is estimated to hold a gross development value of Rs 2,100 crores.
“The addition of Malabar Hill further strengthens our Mumbai portfolio. This is our second major redevelopment in South Mumbai. With this acquisition, our redevelopment portfolio in Mumbai now stands at 4.25 million sq ft, 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 built a redevelopment pipeline with projects in Mumbai.
An increasing number of real estate developers from outside Mumbai are turning their focus to the country’s biggest and most expensive property market, drawn by sustained demand and the long-term potential of redevelopment-led activity.
With land parcels limited and pricing levels elevated, developers from regions such as Bengaluru, Delhi NCR, and Pune are looking to establish a presence in India’s most complex property market.
Mumbai’s housing market continues to witness robust performance in registrations and high-value transactions across key micro-markets, prompting outside players to explore opportunities here.
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