Puravankara Secures ₹2,100 Crore Redevelopment Project in Mumbai’s Chembur
By Shishta Dutta | Published at: Jul 7, 2025 11:31 AM IST
Mumbai, July 7, 2025 – Puravankara Limited (NSE: PURVA | BSE: 532891), a prominent real estate developer, has announced a landmark redevelopment deal involving eight housing societies in Mumbai’s Chembur locality. The project, spanning over 1.2 million sq ft across approximately 4 acres, is projected to generate a gross development value (GDV) of ₹2,100 crore.
Strategic Expansion in Western India
With this addition, Puravankara has consolidated its footprint in Mumbai’s high-value redevelopment market. The company had earlier secured projects in Breach Candy, Pali Hill, and Lokhandwala, and now adds Chembur to its strategic redevelopment portfolio.
According to Ashish Puravankara, Managing Director, “Securing marquee redevelopment projects in sought-after Mumbai neighbourhoods is a strong validation of the trust societies place in the Puravankara brand. Our design-led approach and focus on quality continue to set us apart.”
The firm currently manages 11 projects across Mumbai and Pune, totalling around 14 million sq ft, of which 3.6 million sq ft is dedicated to redevelopment. The western region alone is expected to contribute a GDV of ₹18,000 crore, including ₹7,700 crore from redevelopment efforts.
Strong Market Response in Chembur
Rajat Rastogi, CEO – West and Commercial Assets, highlighted the importance of the Chembur market: “We are honoured to be selected for this project. After the overwhelming response to Purva Clermont, this expansion strengthens our footprint in a vibrant micro-market.” The announcement coincides with Puravankara’s Golden Jubilee year, reinforcing its position as a dependable partner for urban renewal and community-centric development.
Redevelopment Highlights
| Project Location | Area (approx.) | Societies | GDV Estimate |
|---|---|---|---|
| Chembur, Mumbai | 1.2 million sq ft | 8 | ₹2,100 crore |
Western Region Portfolio Snapshot
| Metric | Value |
|---|---|
| Total Western India GDV Target | ₹18,000 crore |
| GDV from Redevelopment Projects | ₹7,700 crore |
| Total Projects in Mumbai & Pune | 11 |
| Total Area Across Projects | 14 million sq ft |
| Redevelopment Share in Area | 3.6 million sq ft |
Puravankara Stock Performance
As of 11:11 AM IST, Puravankara shares are trading at ₹294, representing a 4.03% gain as of July 7, 2025. Puravankara shares have declined 41% over the last year, 22% year-to-date, and 9.89% in the previous month.
Puravankara Limited – Company Overview
Puravankara Limited, headquartered in Bengaluru, operates across nine cities with a diversified portfolio under brands like Purva, Provident Housing Limited, and Purva Land. It has completed over 90 projects covering ~53 million sq ft and holds a land bank of ~25 million sq ft. The group also operates in commercial real estate (~3 million sq ft) and integrated interior design via Purva Streaks. The redevelopment is being disclosed under Regulation 30 read with Schedule III of the SEBI (LODR) Regulations, 2015.
REF:https://www.bseindia.com/xml-data/corpfiling/AttachLive/b2de6ae6-2551-4602-869d-fd00f2f570b9.pdf
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