Puravankara Ltd secured a project to redevelop a housing society at Malabar Hill in Mumbai. The subsidiary Purva Blue Agate Pvt Ltd received the Letter of Award (LoA) for the Samrat Ashok Co-operative Housing Society.
The project covers an anticipated 1.43 Acres and allows 7 Lakh-SqFt of development. The plan ensures upgraded homes for existing residents and creates a large area for market sales. Consequently, the revenue potential stands at an estimated 2,700 INR-Crore. Moreover, Ashish Puravankara, Managing Director, stated that this redevelopment supports the company’s goal of expanding across Mumbai.
Also Read: Puravankara to redevelop 8 Chembur societies in 2,100 INR-crore Mumbai project
The company focuses on scaling in key locations to unlock higher value. Thus, the project will both modernise residential stock and enhance market offerings. With this project, Puravankara’s redevelopment portfolio in Mumbai has now reached 4.25 Million-SqFt. The combined gross development value of this portfolio is nearly 10,500 INR-Crore. Hence, the portfolio reflects both scale and consistent revenue growth.
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Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, the image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article, please email editor@biltrax.com.
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