Puravankara Limited has announced a landmark entry into South Mumbai’s ultra-premium real estate market by securing redevelopment rights for a prime residential society in Malabar Hill. The 1.43-acre project, with a development potential of 0.7 million sq. ft., is expected to generate an estimated gross development value (GDV) of around Rs 2,700 crore.
This redevelopment will not only provide new luxury homes for existing residents but will also create additional premium apartments for sale, positioning the project as a new benchmark for high-end living in Mumbai.
Ashish Puravankara, Managing Director, said the Malabar Hill foray reflects the company’s “commitment to creating world-class homes while contributing to the evolving urban fabric of India’s financial capital.” He highlighted that the project aligns with Puravankara’s strategy of expanding into key strategic markets across Mumbai.
This development comes on the back of the company being chosen as the preferred developer for eight residential societies in Chembur earlier this year, with a development potential of over 1.2 million sq. ft. and GDV of Rs 2,100 crore. Rajat Rastogi, CEO – West & Commercial Assets, noted that with Malabar Hill added to its pipeline, Puravankara’s redevelopment portfolio in Mumbai now stands at 4.25 million sq. ft. with a GDV potential of Rs 10,500 crore.
Over the last two years, the developer has built a strong presence in Mumbai’s redevelopment market with projects in Breach Candy, Pali Hill, and Lokhandwala. The Malabar Hill acquisition marks its second major redevelopment in South Mumbai after the Miami Apartments project at Breach Candy.
As Puravankara celebrates 50 years of operations, it said it remains committed to shaping the future of urban living through sustainable, community-focused, and design-driven projects.
