Puravankara Secures Major Redevelopment Project in Mumbai Worth ₹2,100 Cr GDV
Puravankara Limited, a leading Indian real estate developer, has been selected as the developer for eight residential society redevelopment projects in Chembur, Mumbai. The combined redevelopment potential covers over 1.2 million square feet across approximately 4 acres, with an estimated Gross Development Value (GDV) of ₹2,100 crore.
The company received formal orders from the following residential societies:
- Sahyagiri Co-operative Housing Society Limited
- Rainbow Co-operative Housing Society Limited
- Deonar Hill View Co-operative Housing Society Limited
- Deonar Gulmohar Co-operative Housing Society Limited
- Deonar Madhuban Co-operative Housing Society Limited
- Sunbeam Co-operative Housing Society Limited
- Deonar Avanti Co-operative Housing Society Limited
- Deonar Parijat Co-operative Housing Society Limited
The redevelopment initiative is classified under domestic residential projects and is in alignment with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements (LODR), as well as the SEBI Master Circular dated November 11, 2024.
According to the company, the execution timeline will be governed by the terms of the executed agreements. The scale of this multi-society redevelopment project underscores Puravankara’s growing presence in Mumbai’s redevelopment and luxury housing market, while also enhancing its overall project pipeline and development portfolio.
Sudip Chatterjee, Company Secretary & Compliance Officer, confirmed that this marks another milestone for the company’s growth in Western India and reflects its commitment to unlocking real estate value in established urban neighborhoods.
💬 What’s Your View?
- Is this the beginning of a redevelopment boom in Mumbai’s aging neighborhoods?
- Can such projects reshape Puravankara’s growth trajectory in Maharashtra?
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