Puravankara to Redevelop 8 Housing Societies in Mumbai’s Chembur; Project Valued at ₹2,100 Cr

The realty player Puravankara Limited has bagged redevelopment contracts for eight residential societies located in the vicinity of Mumbai, i.e., Chembur. The project results in opening up development potential to over 1.2 million sq. ft. It is approximately four acres in size and has a projected gross development value (GDV) of 2,100 crore rupees.

The company, which is headquartered in Bengaluru, continues to move aggressively into western India through its projects in redevelopment, which is a sought-after segment of real estate. The coinciding project at Chembur is a continuation of its previous acquisitions in high-end locations in Mumbai, such as Breach Candy, Pali Hill, and Lokhandwala.

“Secured flagships in the very desirable Mumbai neighborhood redevelopment projects are strong testimonials of the trust created by societies and residents in the Puravankara brand,” said Ashish Puravankara, the company’s managing director. He added that the design-first approach and focus on quality by the company help it stand out in the cluttered market.

With the new inclusion, Puravankara has about 11 ongoing or upcoming projects in Mumbai and Pune. All projects bring together about 14 million sq. ft., among which approximately 3.6 million sq. ft. forms the redevelopment portfolio. The estimate from the company claims that from the western region alone, it will yield about ₹18,000 crore in GDV, out of which ₹7,700 crore will come from redevelopment projects.

It indicates the rising interest in development among the developers in the Mumbai redevelopment market area, which is seeing a lot of demand due to the creation of older stock, extreme land prices, and developing infrastructure.

Puravankara’s expansion strategy is being closely watched in real estate circles, with the firm positioning itself as a serious player in high-value, design-led redevelopment across India’s most crowded urban centres.