Puravankara Expands Horizons with Mumbai Redevelopment Venture
Puravankara is all set to transform Mumbai's landscape with a debut in redevelopment, acquiring a three-acre marvel in Andheri West
Puravankara has acquired the redevelopment rights for two housing societies in Lokhandwala, Andheri West. The huge three-acre project features a potential development of 5.8 lakh sq. ft. carpet area, offering about 3.65 lakh sq. ft. for homebuyers. With an estimated Gross Development Value (GDV) of Rs. 1,500 crore throughout its lifecycle, this move marks Puravankara's debut in the redevelopment segment.
Expressing enthusiasm, Abhishek Kapoor, Group CEO, stated, "This marks our entry into the redevelopment segment. This move also underscores our commitment to expanding our footprint in Mumbai's real estate market." Rajat Rastogi, CEO of West & Commercial Assets - Pan India, assured a smooth process, saying, "Our team of experts will work closely with societies to ensure a smooth and seamless redevelopment process."
Looking beyond Mumbai, Puravankara is set to launch two new projects in Pune this year as part of its broader plan to enhance development potential by acquiring new land parcels. Despite reporting a net consolidated loss after tax of Rs. 11.22 crore for the quarter ending September 30, 2023, compared to the previous fiscal's Rs. 17.22 crore loss, the company's net consolidated total income surged to Rs. 381.57 crore—a notable 50.91% growth from the same quarter last year.
