Puravankara Adds Chembur Redevelopment Project to Its Mumbai Portfolio

7 Jul 2025 , 03:43 PM

Real estate firm Puravankara Ltd saw a noticeable uptick in its share price on Monday morning after it announced a new redevelopment deal in Mumbai. The company said it has secured rights to revamp eight residential societies located in Chembur, a neighbourhood that has seen steady interest from developers in recent years.

According to the company, the project spans around 1.2 million square feet and carries a projected gross development value (GDV) of ₹2,100 crore. Details were shared in a regulatory filing earlier in the day.

The announcement adds to a string of redevelopment projects the firm has taken up across the city. In the past year, Puravankara has entered similar agreements in Breach Candy, Pali Hill, and Lokhandwala all high-value residential pockets within Mumbai.

In a statement, Managing Director Ashish Puravankara said the company now has 11 projects in Mumbai and Pune, with a combined development area of nearly 14 million square feet. Of this, about 3.6 million square feet falls under redevelopment. He also noted that the western region as a whole is expected to contribute roughly ₹18,000 crore in GDV, with redevelopment projects accounting for ₹7,700 crore of that total.

Puravankara Ltd shares closed the day with a 3.87% gain or at ₹294 in the NSE. Puravankara shares dipped 41% last year, down 23% in the last six month, and 10% in the previous month.

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