Purvankara Bags Redevelopment Rights of Two Housing Societies in Lokhandwala, Andheri West, Mumbai
- 20th Nov 2023
One of India's biggest real estate developers, Bangalore-based Puravankara, has recently gained the redevelopment rights for two housing societies located in Lokhandwala, Andheri west - Mumbai's western suburbs. This acquisition represents a significant step in Puravankara's growth and its first foray into the redevelopment sector in the western suburbs of Mumbai.
The project, situated in Lokhandwala, Andheri West, covers 3 acres and boasts an impressive development potential. It offers around 5.8 lakh square feet of carpet area, of which about 3.65 lakh square feet is available for sale. The project is expected to achieve a gross development value of Rs 1,500 crore over its lifecycle.
Abhishek Kapoor, the Group CEO of Puravankara, expressed the company's commitment to expanding in Mumbai's booming real estate market. He emphasized Puravankara's dedication to providing high-quality, sustainable, and modern homes that adapt to the changing needs of their customers.
Rajat Rastogi, CEO for the West and Commercial Assets across India, noted that Andheri-Lokhandwala has become a significant area in Mumbai's real estate landscape, thanks to various ongoing and future infrastructure projects. He mentioned that Puravankara's team would work closely with the societies to ensure a smooth redevelopment process and is focused on creating vibrant communities and exceptional living environments.
In line with their expansion goals, Puravankara plans to launch two new projects in Pune within this fiscal year. This initiative is part of a larger strategy to boost development potential by acquiring new land parcels, with a continued focus on executing distinguished projects in well-connected areas across the western region.