Bengaluru-based listed developer Puravankara Limited has acquired redevelopment rights for a prime residential society in South Mumbai’s Malabar Hill through its wholly owned subsidiary, Purva Blue Agate Pvt Ltd. The 1.43-acre project offers a development potential of approximately 0.7 million sq ft, with a gross development value (GDV) of ₹2,700 crore, marking the company’s second major redevelopment project in South Mumbai after Breach Candy.
The Malabar Hill acquisition adds a high-value residential asset to Puravankara’s Mumbai portfolio, reinforcing its position in the city’s super-luxury segment. According to company representatives, the project will be developed as an exclusive residential enclave, reflecting a focus on design excellence, contemporary amenities, and premium positioning for end-users in one of Mumbai’s most prestigious addresses.
This follows the developer’s September 2024 announcement of redevelopment rights for the Miami Apartments in Breach Candy. Together, these projects signal Puravankara’s renewed focus on South Mumbai, complementing its ongoing expansion across prime urban localities.
In July 2025, the company had also announced plans to redevelop eight residential societies in Chembur, with a total development potential exceeding 1.2 million sq ft and an estimated GDV of ₹2,100 crore. The addition of Malabar Hill further strengthens the developer’s urban redevelopment footprint and underscores its strategic emphasis on high-value projects with strong growth potential.
Rajat Rastogi, CEO, West and Commercial Assets, Puravankara Limited, said that the Malabar Hill project enhances the company’s redevelopment portfolio in Mumbai, which now totals 4.25 million sq ft with a potential GDV of ₹10,500 crore. He highlighted the company’s commitment to transparency, timely delivery, and design-led residential development as key factors that have helped Puravankara maintain trust among housing societies and end-users.
Over the past two years, Puravankara has actively expanded its footprint in Mumbai, announcing projects in prime localities including Breach Candy, Pali Hill in Bandra, and Lokhandwala in Andheri. The company has focused on combining redevelopment with modern design and infrastructure upgrades, aimed at improving urban living standards while creating high-value residential inventory in the city.
Market analysts note that South Mumbai continues to attract premium developers due to limited land availability, established infrastructure, and sustained demand for luxury residences. Redevelopment projects in this region are seen as opportunities to optimise land use, upgrade ageing housing stock, and offer modern, high-quality living options to affluent buyers. Puravankara’s new acquisition aligns with these market trends, positioning the company to capitalize on both demand and GDV potential.
With construction likely to commence after regulatory clearances and approvals, observers expect the project to further consolidate Puravankara’s presence in South Mumbai’s redevelopment segment. The company’s focus on design-driven, high-value residential projects also signals continued interest from premium buyers seeking homes in the city’s central and western suburbs.
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