Puravankara to Transform Chembur with Rs 2,100 Crore Redevelopment Project
As we mark our 50th year, we remain dedicated to delivering value to residents and stakeholders.
Puravankara Limited, a leading name in Indian real estate, has been chosen as the preferred developer to redevelop eight residential societies in Mumbai’s Chembur, unlocking a development potential of over 1.2 million square feet across approximately 4 acres. The project, with an estimated Gross Development Value (GDV) of Rs 2,100 crore, marks a significant expansion of the company’s footprint in Mumbai’s competitive redevelopment market.
This milestone follows Puravankara’s successful acquisition of redevelopment rights in prime Mumbai locales, including Breach Candy, Pali Hill, and Lokhandwala. The company now manages 11 projects across Mumbai and Pune, spanning 14 million square feet, with 3.6 million square feet dedicated to redevelopment, contributing to an estimated GDV of Rs 18,000 crore in the western region, including Rs 7,700 crore from redevelopment alone.
Ashish Puravankara, Managing Director, emphasized the trust placed in the brand, stating, “Securing projects in sought-after areas like Chembur validates our design-led approach and commitment to quality. We’re shaping urban spaces with integrity and innovation.”
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Rajat Rastogi, CEO-West and Commercial Assets, added, “Following the success of our Purva Clermont project in Chembur, this expansion strengthens our presence in this vibrant micro-market. As we mark our 50th year, we remain dedicated to delivering value to residents and stakeholders.”
The Chembur project builds on Puravankara’s existing portfolio, including the ultra-luxury Purva Clermont under its WorldHome Collection, launched in 2021 with an expected revenue of Rs 800 crore. The company’s focus on redevelopment aligns with Mumbai’s land-scarce reality, where revitalizing old societies is key to urban growth. With a track record of 86 completed projects across nine cities and a land bank of 36 million square feet, Puravankara continues to redefine urban living with sustainable, community-focused developments.
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