Realty developer Puravankara has secured rights to undertake redevelopment of eight residential societies spread over around four acres in Mumbai’s eastern suburb Chembur. The project with total development potential of over 1.2 million sq ft is estimated to hold gross development value (GDV) of Rs 2,100 crore.
This is one of the larger redevelopment projects undertaken by the Bengaluru-based listed company in the Mumbai property market and is aligned with the developer’s continued focus on the residential redevelopment segment in the west region.
This follows Puravankara’s previous acquisitions of rights for redevelopment projects in Mumbai’s Breach Candy, Pali Hill, and Lokhandwala localities.
“Now with 11 projects across Mumbai and Pune, spanning around 14 million sq ft, including 3.6 million sq ft in redevelopment, we are committed to strengthening our footprint in the western region. The region is expected to contribute a GDV of around Rs 18,000 crore, of which over Rs 7,700 crore will come from redevelopment alone,” said Ashish Puravankara, Managing Director, Puravankara.
The new project in Chembur involves the development of a premium residential complex along with the redevelopment of 143 existing apartments in these housing societies.
“This will be our second project in the micro market of Chembur. The first project involving greenfield development over nearly 2.1 acres here has received robust response and gave us the confidence to add more projects here into our portfolio,” said Rajat Rastogi, CEO-West and Commercial Assets, Puravankara.
The company has so far completed over 90 projects measuring 53 million sq ft across nine cities including Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The developer’s total land bank is 25 million sq ft, and ongoing projects add up to 37 million sq ft.
Real estate projects involving the redevelopment of old housing societies and rehabilitation are the mainstay of the Mumbai region’s property market, as the land-starved city and its peripheral areas have few vacant land parcels. Ends
The redevelopment sector in Mumbai has seen increased activity, especially in eastern and western suburbs, due to constrained land availability and regulatory focus on replacing ageing building stock.
This is one of the larger redevelopment projects undertaken by the Bengaluru-based listed company in the Mumbai property market and is aligned with the developer’s continued focus on the residential redevelopment segment in the west region.
This follows Puravankara’s previous acquisitions of rights for redevelopment projects in Mumbai’s Breach Candy, Pali Hill, and Lokhandwala localities.
“Now with 11 projects across Mumbai and Pune, spanning around 14 million sq ft, including 3.6 million sq ft in redevelopment, we are committed to strengthening our footprint in the western region. The region is expected to contribute a GDV of around Rs 18,000 crore, of which over Rs 7,700 crore will come from redevelopment alone,” said Ashish Puravankara, Managing Director, Puravankara.
The new project in Chembur involves the development of a premium residential complex along with the redevelopment of 143 existing apartments in these housing societies.
“This will be our second project in the micro market of Chembur. The first project involving greenfield development over nearly 2.1 acres here has received robust response and gave us the confidence to add more projects here into our portfolio,” said Rajat Rastogi, CEO-West and Commercial Assets, Puravankara.
The company has so far completed over 90 projects measuring 53 million sq ft across nine cities including Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The developer’s total land bank is 25 million sq ft, and ongoing projects add up to 37 million sq ft.
Real estate projects involving the redevelopment of old housing societies and rehabilitation are the mainstay of the Mumbai region’s property market, as the land-starved city and its peripheral areas have few vacant land parcels. Ends
The redevelopment sector in Mumbai has seen increased activity, especially in eastern and western suburbs, due to constrained land availability and regulatory focus on replacing ageing building stock.
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