Puravankara to redevelop residential housing society in Mumbai's Pali Hill; Potential GDV tops Rs 2,000 crore

Real estate builder Puravankara on April 23 said that it will redevelop a residential housing society in Mumbai's Pali Hill. The project has a cumulative estimated development potential of 4.10 lakh sq ft carpet, with over ~2.15 lakh square feet available for sale, and a potential Gross Development Value (GDV) of over Rs 2,000 crore, the company said in a regulatory filing.

Pali Hill is a premium address in Bandra West, with property rates ranging from Rs 1 Lakh to Rs 1.20 lakh per sq ft. Strategically positioned, the residential society is spread slightly over two and a half acres and is one of the largest in the micro‐market.

At present, the company is in advanced stages of discussions for the redevelopment of three to four other prestigious housing societies in Mumbai, Puravankara mentioned.

The Bengaluru-based real estate developer had earlier told Moneycontrol that it plans end the financial year by delivering 2,000 units with a development potential upwards of 2 million sq ft (msf) across Bengaluru, Pune, Chennai and Mumbai, Abhishek Kapoor, executive director and chief executive officer.

Of the total development, about 500 will be plots under Purva Land, its plotted development segment, and the rest will be apartments.

For the upcoming developments, the company is looking at locations like Whitefield, Sarjapur and Bellandur in Bengaluru; Kelambakkam outside Chennai; Khondwa in Pune; and Chembur and Dombivli in Mumbai, the company had said.

On redevelopment in Mumbai, the company had earlier told Moneycontrol that it is participating in 12-plus redevelopment projects (where older, dilapidated buildings are torn down and rebuilt in partnership with existing homeowners) in Mumbai and that talks for another four projects are at a very advanced stage.

"We recently closed one redevelopment project in Mumbai with a development potential of 0.6 msf with a GDV of Rs 1,500 crore," Kapoor said.