Bengaluru-Based Puravankara Acquires ₹2,100 Crore Chembur Redevelopment Project

The Bengaluru-headquartered real estate developer Puravankara has reportedly acquired development rights for eight residential societies spanning approximately four acres in Mumbai's eastern suburb of Chembur. Industry sources indicated that the project carries a total development potential exceeding 1.2 million square feet with an estimated gross development value (GDV) of ₹2,100 crore.

Strategic Expansion in Mumbai's Redevelopment Market

The acquisition represents one of the more significant redevelopment initiatives undertaken by the publicly listed company in Mumbai's property sector. The move aligns with Puravankara's strategic emphasis on residential redevelopment projects in India's western region, particularly in premium locations.

This latest project follows the developer's earlier acquisitions of redevelopment rights in Mumbai's upmarket areas including Breach Candy, Pali Hill, and Lokhandwala. The company's focus on Mumbai redevelopment projects has been steadily increasing over recent years.

Regional Portfolio Expansion Strategy

Ashish Puravankara, the company's managing director, stated that with 11 projects across Mumbai and Pune covering around 14 million square feet, including 3.6 million square feet in redevelopment, the company remains committed to strengthening its presence in western India. He mentioned that the region is expected to contribute a GDV of approximately ₹18,000 crore, with over ₹7,700 crore anticipated from redevelopment projects alone.

Premium Development Plans for Chembur

The new Chembur project involves developing a premium residential complex alongside the redevelopment of 143 existing apartments within the housing societies. This initiative represents the company's second venture in Chembur's micro-market.

Rajat Rastogi, CEO-west and commercial assets at Puravankara, explained that their first project in Chembur - a greenfield development spanning nearly 2.1 acres - had received robust market response, providing confidence to expand their portfolio in the area. The success of residential projects in Chembur has encouraged further investment in this locality.

Company's Development Track Record

Puravankara has completed over 90 projects totaling 53 million square feet across nine cities including Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The developer maintains a total land bank of 25 million square feet with ongoing projects spanning 37 million square feet.

Mumbai's Growing Redevelopment Sector

The redevelopment sector in Mumbai has witnessed increased activity, particularly in eastern and western suburbs. This growth is attributed to constrained land availability and regulatory emphasis on replacing aging building infrastructure. The Mumbai real estate market trends indicate continued focus on redevelopment projects as a viable solution to space constraints.

Industry analysts suggest that redevelopment projects offer developers opportunities to work with established communities while addressing the city's housing needs. The eastern suburbs, including Chembur, have emerged as key areas for such initiatives due to their strategic location and connectivity.