Puravankara Wins ₹2,100 Crore Chembur Redevelopment Project, Secures 8 Societies.

Bengaluru-based real estate developer Puravankara has significantly expanded its footprint in Mumbai's redevelopment market, securing the mandate for eight residential societies in Chembur. This latest win follows previous successes in marquee locations such as Breach Candy, Pali Hill, and Lokhandwala.

The Chembur project offers a substantial development potential of over 1.2 million square feet, spread across approximately 4 acres. The estimated gross development value (GDV) for this undertaking is a robust ₹2,100 crore.

Ashish Puravankara, Managing Director of Puravankara Ltd, commented on the strategic move: "With 11 projects across Mumbai and Pune spanning approximately 14 million square feet, including 3.6 million square feet in redevelopment, we are committed to strengthening our footprint in the western region." He further added that the western region is expected to contribute a GDV of approximately ₹18,000 crore to the company, with around ₹7,700 crore specifically coming from redevelopment projects.

Rajat Rastogi, CEO-West and Commercial Assets, Puravankara Ltd, expressed confidence in the expansion: "After receiving a phenomenal response for our existing project in Chembur (Purva Clermont), our expansion in this micro-market will strengthen our footprint further." This new acquisition underscores Puravankara's aggressive push into Mumbai's lucrative redevelopment segment.