Puravankara Ltd, a listed Bengaluru based real estate developer, has been designated as the developer for Mumbai's Pali Hill redevelopment project, according to a regulatory filing made on April 23rd.
In a regulatory filing, the company said, “...the company has been unanimously selected as the preferred developer for redeveloping a residential housing society in Pali Hill, Mumbai. Pali Hill is a premium address in Bandra West, with property rates ranging from Rs.1 lakh to Rs.1.20 lakh per sq ft.”
The project boasts a total estimated development potential of 4.10 lakh sq ft carpet area, with more than 2.15 lakh sq ft ready for sale, and a potential Gross Development Value (GDV) exceeding Rs.2,000 crore. This posh residential community in Mumbai covers just over two and a half acres of land parcel.
The company also added in the regulatory filing "At present, the company is in advanced stages of discussions for the redevelopment of three to four other housing societies in Mumbai.”
Rajat Rastogi, the CEO of West & Commercial Assets, Puravankara Limited, commented, “We have been appointed as the preferred developer for the prestigious Pali Hill redevelopment project. In November 2023, we had acquired the redevelopment rights for two housing societies in Lokhandwala, Mumbai.”
The corporation has just revealed that it achieved sales worth Rs.5,900 crores in its operational update for FY24, marking a 90% growth from the previous fiscal year's Rs. 3,107 crores.
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