Puravankara Sets Sights on Mumbai's Prime Pali Hill: A Mega INR 2,000 Crore Redevelopment Project

Leading real estate developer Puravankara has been unanimously chosen to redevelop a coveted 2.5-acre residential plot in Pali Hill, Mumbai. The project, expected to deliver a Gross Development Value (GDV) of INR 2,000 crore, marks a significant step in Mumbai’s redevelopment landscape.

Market sources revealed that the Deccan Society plot has a total estimated development potential of 4.10 lakh sq ft of carpet area, out of which 2.15 lakh sq ft will be available for sale.

Puravankara Expands Redevelopment Footprint

Rajat Rastogi, CEO of West & Commercial Assets at Puravankara Limited, stated, “We have been appointed as the developer for the prestigious Pali Hill redevelopment project. In November 2023, we acquired redevelopment rights for two housing societies in Lokhandwala, Mumbai.” He highlighted Mumbai’s booming redevelopment potential, valued at over INR 3 lakh crore over the next decade.

Additionally, Puravankara is actively pursuing other redevelopment opportunities in Mumbai and Pune. Rastogi emphasized that the company’s focus on quality and on-time delivery has made Puravankara a trusted name among housing societies.

Strategic Focus on Commercial Redevelopment

Puravankara has also turned its attention towards commercial redevelopment projects in Mumbai. Rastogi noted that advanced discussions are underway for three to four prestigious housing societies in the city. The company’s proven track record continues to position it as a preferred partner for redevelopment projects.

FY24 Operational Milestones

Puravankara recently shared its robust FY24 performance, reporting sales worth INR 5,900 crore, a 90% jump from INR 3,107 crore in FY23. Customer collections also surged to INR 3,609 crore, reflecting a 60% increase compared to the previous fiscal year.

The company’s consistent growth underscores its ability to capitalize on rising demand across key markets, particularly in Mumbai and Pune.

Highlights of Puravankara’s Redevelopment Project

• Project Location: Prime 2.5-acre residential plot in Pali Hill, Mumbai.
• Gross Development Value (GDV): INR 2,000 crore.
• Development Potential: 4.10 lakh sq ft carpet area; 2.15 lakh sq ft for sale.
• Strategic Focus: Redevelopment opportunities in Mumbai and Pune.
• FY24 Performance:
  • Sales: INR 5,900 crore (+90% YoY).
  • Customer Collections: INR 3,609 crore (+60% YoY).
• Future Plans: Bidding for commercial and residential redevelopment projects.

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