Puravankara Limited shares jumped over 6% in morning trade today following the company’s announcement of a major move into South Mumbai’s ultra-premium real estate segment. The developer has secured redevelopment rights for a prime residential society in Malabar Hill, marking a significant expansion in Mumbai’s high-end housing market.
The 1.43-acre project offers a development potential of approximately 0.7 million sq. ft. and is expected to generate an estimated gross development value (GDV) of around Rs 2,700 crore. The redevelopment will not only provide upgraded luxury homes for existing residents but also add premium apartments for sale, setting a new benchmark for upscale living in the city.
Ashish Puravankara, Managing Director of the company, stated, “Our Malabar Hill foray reflects Puravankara’s commitment to creating world-class homes while contributing to the evolving urban landscape of Mumbai.” He added that the project aligns with the company’s strategy of targeting key strategic markets across the city.
This announcement builds on the company’s earlier success this year, when it was chosen as the preferred developer for eight residential societies in Chembur, totaling over 1.2 million sq. ft. with a 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 potential GDV of Rs 10,500 crore.
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