MUMBAI, 7 JULY, 2025 (GPN): Puravankara Limited (NSE: PURVA | BSE: 532891), one of India’s most trusted and admired real estate developers, has been selected as the preferred developer for the redevelopment of eight residential societies in Chembur, Mumbai. This marks a significant milestone for the company, unlocking total development potential of over 1.2 million square feet, spread over approximately 4 acres, with an estimated gross development value (GDV) of Rs 2,100 crore.

This announcement follows Puravankara’s previous acquisitions of development rights for prestigious redevelopment projects in Mumbai’s Breach Candy, Pali Hill, and Lokhandwala. These strategic wins reflect Puravankara’s growing footprint in the redevelopment segment in the west region, underscoring its commitment to revitalising urban spaces with quality and integrity.

Commenting on the strategic announcement, Ashish Puravankara, Managing Director, Puravankara Limited, said, “Securing marquee redevelopment projects in highly sought-after Mumbai neighbourhoods such as Breach Candy, Pali Hill, Lokhandwala,and now Chemburis a strong validation of the trust, discerning societies and residents place in the Puravankara brand. What distinguishes us is not just our vision, but also our design-led approach and unwavering focus on quality.

Now with 11 projects across Mumbai and Pune, spanning approximately 14 million square feet, including 3.6 million square feet in redevelopment, we are committed to strengthening our footprint in the western region. The region is expected to contribute a GDV of approximately Rs 18,000 crore, of which approximately Rs 7,700 crore will come from redevelopment alone.”

Rajat Rastogi, CEO-West and Commercial Assets, Puravankara Limited, added, “We are honoured to be selected as the developer to redevelop eight societies in Chembur. After receiving a phenomenal response for our existing project in Chembur (Purva Clermont), our expansion in this micro-market will strengthen our footprint further.As we celebrate our Golden Jubilee year, this achievement not only reinforces our position as a trusted partner in the redevelopment space but also strengthens our presence in Mumbai’s vibrant and competitive real estate market. We remain committed to driving innovation and delivering value to all stakeholders, residents, partners, and the communities we serve.”

Puravankara’s continued success and strong pipeline in the redevelopment space reflect its strong execution capabilities, customer-centric approach, and deep expertise in navigating complex urban projects. As the company celebrates 50 years of operations, it remains committed to shaping the future of urban living through sustainable, well-designed, and community-focused developments.

About Puravankara Group 

The Puravankara Group is one of India’s most trusted realty majors, headquartered in Bengaluru with a presence in nine cities. Over the past five decades, the company has established three distinct and successful residential brands – Purva, Provident Housing Limited (PHL) and Purva Land, catering to the entire spectrum of housing and plotted development needs. Besides these residential brands, Starworth Infrastructure and Construction Limited (SICL) is a wholly-owned subsidiary of Puravankara focused on technology-enabled construction solutions. The group has also forayed into developing Grade-A commercial real estate with a presence of ~3 million square feet and is expanding its footprint rapidly. Additionally, the interior design arm, Purva Streaks, caters to customers looking for an integrated interior design solution. As of March 31, 2025, Puravankara has completed 90+ projects measuring ~53 million sq ft across nine cities – Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company’s total land bank is ~25 msft, and ongoing projects add up to 37 msft.