Urban Revival In Motion: Puravankara Bags Rs 2,100 Crore Chembur Redevelopment Project

Image Source : Hindustan Times

Real estate major Puravankara Ltd has been selected as the preferred developer for a landmark redevelopment initiative in Mumbai’s Chembur locality. The project involves revamping eight residential societies across approximately four acres, unlocking over 1.2 million square feet of development potential with an estimated gross development value (GDV) of Rs 2,100 crore. This marks a strategic expansion of Puravankara’s footprint in the western region, particularly in Mumbai’s high-value redevelopment market.

Key Highlights From The Announcement

- Puravankara will redevelop eight housing societies in Chembur, Mumbai
- Total development potential exceeds 1.2 million square feet
- Estimated GDV stands at Rs 2,100 crore
- The project includes premium residential units and rehabilitation of 143 existing apartments
- Adds to Puravankara’s growing western India portfolio, which now spans 14 million square feet across Mumbai and Pune

Strategic Context And Market Positioning

- The Chembur redevelopment follows earlier acquisitions in Breach Candy, Pali Hill, and Lokhandwala
- Redevelopment projects now account for 3.6 million square feet of Puravankara’s western region pipeline
- The western region is expected to contribute Rs 18,000 crore in GDV, with Rs 7,700 crore from redevelopment alone
- The company’s total land bank stands at 25 million square feet, with ongoing projects covering 37 million square feet

Leadership Commentary

- Ashish Puravankara, Managing Director, emphasized the trust placed in the brand by discerning societies and residents
- Rajat Rastogi, CEO-West and Commercial Assets, noted the strong response to Purva Clermont in Chembur as a catalyst for further expansion
- The announcement coincides with Puravankara’s Golden Jubilee year, reinforcing its commitment to urban renewal and community-centric development

Outlook And Redevelopment Significance

- Mumbai’s land constraints and ageing building stock have made redevelopment a cornerstone of the city’s real estate strategy
- Chembur’s transformation reflects broader trends in eastern suburbs, where developers are leveraging strategic land parcels for premium housing
- Puravankara’s design-led approach and execution capabilities position it as a key player in reshaping Mumbai’s residential landscape

Sources: Economic Times, Hindustan Times, Business Standard, The Hindu Business Line, Construction Week Online, India Infoline, Rediff Money, Housing.com, HDFC Sky News, Realty ETRealty, Puravankara Ltd regulatory filings and press statements