Puravankara to Redevelop Eight Societies in Chembur, Mumbai with ₹2,100 Cr GDV

Puravankara to Redevelop Eight Societies in Chembur, Mumbai with ₹2,100 Cr GDV

Transforming Chembur: A Landmark Redevelopment Initiative

Bengaluru-based Puravankara Limited has been chosen as the preferred developer for the redevelopment of eight residential societies in Chembur, Mumbai. Spanning four acres, this ambitious project offers a development potential of 1.2 million sq ft and is projected to generate a gross development value (GDV) of ₹2,100 crore. This marks a significant step in Puravankara’s expanding presence in Mumbai’s dynamic redevelopment landscape.

Expanding Footprint Across Mumbai’s Prime Markets

This Chembur project follows Puravankara’s recent acquisitions of development rights in some of Mumbai’s most coveted neighborhoods, including Breach Candy, Pali Hill, and Lokhandwala. These projects underscore the company’s commitment to revitalizing urban spaces with a blend of quality, design, and integrity.

Ashish Puravankara, Managing Director, emphasized, “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. What distinguishes us is not just our vision, but also our design-led approach and unwavering focus on quality.”

Western Region Growth and Redevelopment Strategy

• Puravankara now boasts 11 projects across Mumbai and Pune, totaling approximately 14 million sq ft, with 3.6 million sq ft dedicated to redevelopment.
• The Western region is expected to contribute a GDV of around ₹18,000 crore, with redevelopment projects accounting for approximately ₹7,700 crore.
• The company’s previous project in Chembur, Purva Clermont, received a phenomenal response, further cementing its reputation in the micro-market.

Rajat Rastogi, CEO, West and Commercial Assets, noted, “As we celebrate our Golden Jubilee year, this achievement not only reinforces our position as a trusted partner in the redevelopment space but also strengthens our presence in Mumbai’s vibrant and competitive real estate market. We remain committed to driving innovation and delivering value to all stakeholders, residents, partners, and the communities we serve.”

South Mumbai and Andheri Forays

Puravankara’s foray into South Mumbai began with the redevelopment rights for Miami Apartments at Breach Candy, a prestigious housing society on 2,000 sq m of land. This entry into the uber-luxury market is notable, with market rates in the area estimated between ₹1,25,000 and ₹1,40,000 per sq ft. The company is also set to redevelop four additional societies in Andheri, further expanding its Mumbai footprint.