Puravankara to Transform Mumbai Skyline with Pali Hill Redevelopment Project

Real estate giant Puravankara has announced its foray into redevelopment with a prestigious project in Mumbai's coveted Pali Hill area. The project, situated in the premium locality of Bandra West, boasts a cumulative estimated development potential of 4.10 lakh sq ft carpet, with over ~2.15 lakh square feet available for sale. With a potential Gross Development Value (GDV) exceeding Rs 2,000 crore, this venture marks a significant milestone for Puravankara in the Mumbai real estate market.

Pali Hill: A Prime Address

Known for its opulent properties, Pali Hill commands property rates ranging from Rs 1 Lakh to Rs 1.20 lakh per sq ft. The residential society earmarked for redevelopment spans over two and a half acres, making it one of the largest projects in the micro-market. Its strategic location and upscale surroundings further enhance its appeal among homebuyers and investors.

Expansion Plans and Redevelopment Initiatives

Puravankara's expansion plans include the redevelopment of three to four other prestigious housing societies in Mumbai, indicating the company's commitment to tapping into the city's lucrative real estate landscape. Abhishek Kapoor, Executive Director and CEO of Puravankara, stated the company's ambitious targets to deliver 2,000 units by the end of the financial year, with a development potential exceeding 2 million sq ft across Bengaluru, Pune, Chennai, and Mumbai.

Focus on Redevelopment Projects

The company's focus on redevelopment projects aligns with its vision to revitalize Mumbai's urban landscape. With participation in over 12 redevelopment projects and discussions underway for several more, Puravankara is poised to play a significant role in reshaping the city's skyline. Kapoor highlighted the successful closure of a redevelopment project with a GDV of Rs 1,500 crore, underscoring the company's expertise and commitment to delivering high-value projects.

Future Prospects and Expansion Locations

Puravankara's upcoming developments are strategically located in key areas such as Whitefield, Sarjapur, and Bellandur in Bengaluru; Kelambakkam outside Chennai; Khondwa in Pune; and Chembur and Dombivli in Mumbai. These locations offer immense growth potential and align with the company's vision to cater to diverse market segments and geographical regions.

Puravankara's entry into the redevelopment space in Mumbai's prestigious Pali Hill area signifies a significant step towards leveraging emerging opportunities in the real estate sector. With a strong focus on quality, innovation, and customer satisfaction, the company is poised to continue its legacy of delivering exceptional projects that redefine urban living experiences.

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