India’s one of the most trusted and admired Bangalore based real estate developers Puravankara Limited secured residential redevelopment rights for two housing societies in the western suburbs of Mumbai with a potential gross development value (GDV) of Rs 1,500 crore over the project’s life cycle. This acquisition is a significant milestone in Puravankara’s expansion journey and marks its entry into the redevelopment space in the western region. This important acquisition is a significant milestone in Puravankara’s expansion journey and marks its entry into the redevelopment space in the western region.
The plots are situated in the heart of Lokhandwala in Andheri West, is spread over 3 acres. It has a cumulative estimated development potential of 5.8 lakh square feet carpet area, with approximately 3.65 lakh square feet available for sale.
CEO of Puravankara Limited, Abhishek Kapoor is very hopeful about such significant step and said, “We are thrilled about this significant milestone as it marks our entry into the redevelopment segment. This strategic move also underscores our commitment to expanding our footprint in Mumbai’s thriving real estate market. At Puravankara, we are committed to delivering high-quality, sustainable, and modern homes that meet the evolving needs of our customers.”
They are very much hopeful that engaging in redevelopment work in multiple societies is a potential step towards a lump sum profit. Abhishek also added that they are definitely looking at western suburbs, South Mumbai and to some extent central suburbs - markets such as Chembur, Ghatkopar.
Regarding the transaction, CEO - West & Commercial Assets- Pan India, Rajat Rastogi quoted, “Andheri- Lokhandwala has emerged as a prominent hotspot in Mumbai’s realty map due to several ongoing and upcoming infrastructure projects. With Puravankara’s customer-focused approach and expertise in delivery excellence, this redevelopment project will be a marquee project. We look forward to bringing our expertise and experience to this development. Our team of experts will work closely with societies to ensure a smooth and seamless redevelopment process. We are committed to creating vibrant communities and curating exceptional living environments that residents will be proud to call home.”
The company concluded the agreement for its first redevelopment project in Mumbai recently and is expected to submit its plans within the next 60 days. The project launch is likely to take place in the next fiscal. The company is currently constructing two projects in Mumbai - one is on an industrial land in Chembur and the other is under a joint development agreement in Thane. This significant jump will enhance its development potential by acquiring new land parcels.
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