Real estate developer Puravankara Group announced plans to redevelop a prestigious residential society in Mumbai's upscale Pali Hill neighbourhood. The large-scale project is estimated to have a gross development value of over INR 2,000 crore. The Bandra West area, particularly Pali Hill, has become the focal point of Mumbai's real estate scene in recent years. Along with this flagship redevelopment, Puravankara is exploring opportunities to redevelop several other housing complexes in Mumbai. The company aims to deliver over 2,000 units across major Indian cities in the current financial year through new launches and ongoing projects.
Real estate builder Puravankara announced plans to redevelop a residential housing society in Mumbai's upscale Pali Hill neighbourhood. The project is estimated to have a total developable area of 4.10 lakh square feet, with over 2.15 lakh square feet available for sale. The expected gross development value is over INR 2,000 crore.
Along with a strategic location, the residential society occupies a prime 2.5-acre plot, making it one of the largest developments in the local market.
The Bandra West area, particularly Pali Hill, has become the focal point of Mumbai's real estate scene. It offers a captivating blend of high-end homes, Bollywood glamour, and a touch of old-world charm. Pali Hill continues to be a prominent market for high-end property investments, consistently attracting buyers seeking stability and appreciation potential.
Pali Hill commands premium property rates between INR 1-1.2 lakh per square foot. In 2023, 39 homes were sold in Pali Hill in the price bracket of INR 15 crore to INR 55 crore. The total agreement value of homes sold in the year touched over INR 500 crore. This marked a significant increase on the 172 homes sold in the previous six years.
Apart from the Pali Hill project, Puravankara is currently in advanced discussions to redevelop three to four other prestigious housing complexes in Mumbai.
The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brands Purva and Provident, respectively. The Group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune.
The Bengaluru-based developer had earlier stated its goal of delivering 2,000 units totalling over 2 million square feet across Bengaluru, Pune, Chennai and Mumbai by the end of the fiscal year. Around 500 of these would be plots under its Purva Land brand, with the rest apartments.
For the upcoming developments, the company is looking at locations like Whitefield, Sarjapur and Bellandur in Bengaluru; Kelambakkam near Chennai; Khondwa in Pune; and Chembur and Dombivli in Mumbai. For plotted development, ticket sizes will range from INR 18-90 lakh in Chennai and INR 80 lakh-1 crore in Bengaluru. Apartments will be priced between INR 65 lakh-1.2 crore across cities.
Puravankara is actively involved in 12+ redevelopment initiatives in Mumbai, with discussions ongoing for four more. A recent project has a development potential of 0.6 million square feet and gross value of INR 1,500 crore. The company is eyeing opportunities in the western suburbs, South Mumbai, and central suburbs, with plans to invest approximately INR 1,000 crore in the western region over the next 9-18 months.
Notably, Puravankara recently launched Purva Soukhyam, its largest themed plotted development in Chennai covering 120 acres and 2,200 plots of 600-5,000 square feet. With a gross value of INR 900 crore, the second phase is expected in this fiscal year.
Recently, Piramal Enterprises invested over INR 500 crore in various Puravankara Group real estate ventures, including 800,000 square feet of commercial space in Bengaluru and 1.5 million square feet of residential properties in Goa.
The company also clocked in its best-ever annual sales in FY24. Annual sales volume for the fiscal grew 90% from the previous year's INR 5,914 crore, while for Q4, it surged 93% year-on-year to INR 1,947 crore.
Puravankara is clearly pursuing an aggressive growth strategy through large redevelopment initiatives in Mumbai. Recent investments from Piramal Enterprises and the company reporting its best annual sales performance yet indicate growing investor confidence in Puravankara's vision. If successfully executed, the group's current expansion plans have the potential to significantly boost its brand presence and position it as a major player in India's booming real estate sector.
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