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Private Sector | Maharashtra - India | PID: 202819
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Real estate developer Puravankara will redevelop a housing society spread over 2.5 acres land parcel in Pali Hill in Bandra west locality of Mumbai. The project holds a cumulative estimated development potential of 4.10 lakh sq. ft. carpet area with over over 2.15 lakh sq. ft. available for sale with a potential gross development value (GDV) of over Rs 2,000 crore.
This is one of the largest land parcels in the residential area of Pali Hill. In November, 2023 the developer had secured rights to undertake redevelopment of two housing societies spread over a total three acres of land parcel in Lokhandwala area in Andheri West. The company is also in advanced talks for three to four other Mumbai housing societies and is also looking to bid for commercial redevelopment projects in the city. In terms of cities, Mumbai and Pune are the new focus areas in redevelopment format.
Puravankara is in talks with several societies, based on its track record of quality and on-time delivery. The company recently crossed Rs 5,900 crore in sales value in its operational update for the financial year 2023-24, an increase of 90 percent when compared to the figures in 2022-23.
The Mumbai property market in 2023 clocked its best annual performance ever, showcasing luxury, premium, and mid-income segment properties as driving this performance.
| Updated on: 30 - Apr - 2024
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