Puravankara Expands into Mumbai Redevelopment with Rs 1,500 Crore Project

16 Nov 2023 , 01:06 PM

Puravankara Limited, a Bengaluru-based real estate developer, enters Mumbai’s redevelopment space after securing rights for two housing societies in the western suburbs with a potential GDV of Rs 1,500 crore.

The first project, located in Lokhandwala, Andheri West, spans three acres with a cumulative estimated development potential of 5.8 lakh square feet of carpet area. Approximately 3.65 lakh square feet will be available for sale.

Abhishek Kapoor, Group CEO of Puravankara Limited, expresses confidence in the redevelopment space’s potential and mentions ongoing engagements with multiple societies for similar projects in western suburbs, South Mumbai, and central suburbs like Chembur and Ghatkopar.

The company aims for 50-60% of its top line to come from redevelopment projects in Mumbai, both in terms of presales and bottom line, over the next three years.

The agreement for the first redevelopment project has been concluded, with plans expected to be submitted within 60 days. The project launch is anticipated in the next fiscal year.

Puravankara Limited posted a consolidated net loss of Rs 11.22 crore in the September quarter but saw sales bookings rise over two-fold to Rs 1,600 crore. Total income for the July-September period increased to Rs 381.57 crore from Rs 252.85 crore in the corresponding period of the previous year. The company plans to launch two new projects in Pune during this fiscal year.

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