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Puravankara acquires rights for three-acre redevelopment project

Puravankara's project has a cumulative estimated development potential of 5.8 lakh sq ft carpet area, with approximately 3.65 lakh sq ft available for sale and a potential gross development value (GDV) of Rs 1,500 crore.

Puravankara has secured the residential redevelopment rights for two housing societies in the western suburbs of Mumbai.Situated in Lokhandwala, Andheri West, the project is spread over three acres. It has a cumulative estimated development potential of 5.8 lakh sq ft carpet area, with approximately 3.65 lakh sq ft available for sale and a potential gross development value (GDV) of Rs 1,500 crore over the project’s lifecycle.

Abhishek Kapoor, Group CEO of the company said, “This marks our entry into the redevelopment segment. This strategic move also underscores our commitment to expanding our footprint in Mumbai’s thriving real estate market.”

Rajat Rastogi, CEO – West & Commercial Assets- Pan India said, “Our team of experts will work closely with societies to ensure a smooth and seamless redevelopment process.”

The company plans to launch two new projects in Pune this fiscal year. This move is part of a broader plan to enhance its development potential by acquiring new land parcels.

Puravankara reported net consolidated loss after tax of Rs 11.22 crore during the quarter ended September 30, 2023. It had registered loss of Rs 17.22 crore in the corresponding quarter of the previous fiscal. Its net consolidated total income stood at Rs 381.57 crore, a growth of 50.91 per cent from Rs 252.85 crore it recorded in the similar quarter last year.

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