Construction Industry News
Puravankara has acquired residential redevelopment rights for two housing societies in the western suburbs of Mumbai. This acquisition is a major milestone in Puravankara's expansion journey and marks its entry into the redevelopment space in the western region.
The project is located in the heart of Lokhandwala in Andheri West and is spread over 3 hectares. It has a cumulative estimated development potential of 5.8 lakh sq ft of carpet area, with approximately 3.65 lakh sq ft available for sale and a potential gross development value (BDV) of Rs 1,500 crore during the development cycle. project life.
Abhishek Kapoor, Group CEO, Puravankara, said, “This strategic move also underlines our commitment to expand our presence in the burgeoning Mumbai real estate market. At Puravankara, we strive to deliver high-quality, sustainable and modern homes that meet the evolving needs of our customers.”
Rajat Rastogi, CEO, Western India and Commercial Assets, said, “Andheri-Lokhandwala has become a prominent spot on Mumbai's real estate map due to several ongoing and upcoming infrastructure projects. Our team of experts will work closely with the societies to ensure a smooth and seamless redevelopment process. “We are committed to creating vibrant communities and exceptional living environments that residents will be proud to call home.”
As Puravankara remains committed to expansion opportunities, the company plans to launch two new projects in Pune this financial year. This move is part of a broader plan to increase development potential through the acquisition of new land. The primary emphasis remains on delivering distinctive projects in well-connected locations in the Western Region.
