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Economy, business and finance
Puravankara secures ₹2,600 cr redevelopment rights in Mumbai's Goregaon
Spread across 4.68 acres in Goregaon West, the project has a developable potential of about 1.05 million sq ft and marks Puravankara's eighth Mumbai redevelopment.
Bengaluru-based real estate developer Puravankara has secured redevelopment rights for three residential societies in Mumbai’s Goregaon West, with a gross development value (GDV) of Rs 2,600 crore.
Spread across 4.68 acres, the project offers a total developable potential of approximately 1.05 million square feet, marking Puravankara’s eighth redevelopment project in Mumbai.
With this, Puravankara’s Mumbai redevelopment portfolio represents a potential GDV of approximately Rs 17,500 crore.
Ashish Puravankara, managing director, Puravankara, said, “Redevelopment is an important pillar of our Mumbai growth strategy and allows us to participate in some of the city’s most established and sought-after neighbourhoods. Our eighth redevelopment project reflects the momentum we have built in Mumbai and the confidence homebuyers are placing in our brand. We see a significant opportunity to build a scaled and sustainable redevelopment platform in the city, backed by disciplined capital allocation, strong execution and a long-term approach to value creation.”
The company, in a statement issued on Thursday, said Goregaon West, in the western suburbs, is a well-established residential market with strong connectivity to key business districts and social infrastructure.