Puravankara bags Rs 2,600-crore redevelopment project in Mumbai

BENGALURU: The Bengaluru-based and south-focused developer Puravankara has bagged a redevelopment project offering a developmental potential of Rs 2,600 crore.

The project spread across 4.7 acres involves three residential societies in Goregaon West, Mumbai, the company said in statement on Thursday, adding the project offers a total developable potential of around 1.05 million sqft with an estimated gross development value of Rs 2,600 crore.

This is Puravankara’s eighth redevelopment project in the nation’s costliest realty market, said Ashish Puravankara, managing director, of Puravankara. Its other projects are across marquee locations such as the Breach Candy, Pali Hill, Lokhandwala, Malabar Hill, Cuffe Parade.

“We see a significant opportunity to build a scaled and sustainable redevelopment platform in the megapolis, backed by disciplined capital allocation, strong execution and a long-term approach to value creation,” he said, adding with this addition, our redevelopment portfolio in the megapolis alone represents a potential sales value of Rs 17,500 crore, just added in the past three years alone.

Puravankara has over the past five decades completed 97 projects totalling around 59 msft across Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company’s has land bank of 40 msft, and ongoing projects add up to 35.14 msft.