Puravankara, a real estate developer, has obtained the rights to redevelop two housing societies spanning three acres in Mumbai's western suburb of Andheri. The potential gross development value of this project is estimated to be Rs 1,500 crore. The acquisition of these development rights signifies Puravankara's entry into the redevelopment business in the western region. The total land parcel can potentially be developed to have a cumulative estimated area of 5.8 lakh sq ft, with approximately 3.65 lakh sq ft available for purchase.
This project signifies our introduction to the redevelopment sector. Abhishek Kapoor, Group CEO of Puravankara, emphasized that this strategic move demonstrates our dedication to increasing our presence in Mumbai's booming real estate market.
This will be the company's first redevelopment project, but it already has two residential projects under construction in the Mumbai region.
Its ongoing projects in Mumbai region’s Chembur and Shil Phata area have a total development potential of over 1.5 million sq ft that is expected to be completed in the next 2-4 years. The new development will push its on-ground development work to over 2.1 million sq ft.
“Andheri-Lokhandwala has emerged as a prominent hotspot in Mumbai’s realty map due to several ongoing and upcoming infrastructure projects. Our team of experts will work closely with societies to ensure a smooth and seamless redevelopment process for housing societies,” said Rajat Rastogi, CEO - West & Commercial Assets-Pan India, Puravankara.