Realty developer Puravankara is planning to invest Rs 450 crore to develop a mixed-use project in Mumbai’s Chembur suburb that marks the Bangalore-based company’s foray into the country’s largest property market.
The company plans to develop several projects with a total 10 million sq ft space in Mumbai and Pune including some of its ongoing projects and the new project in Chembur.
The project in Chembur is its first ultra-luxury project Purva Clermont under its WorldHome Collection brand and the developer expects revenue of Rs 800 crores from this development. The project will see four towers with a total of 233 residential units and one tower of 79 commercial units.
“The gradual recovery of the economy has revived the demand within the real estate sector. We strongly believe that the current landscape is ideal for us to strengthen our presence in Mumbai, which is one of the largest growing real-estate markets in the country,” said Ashish R. Puravankara, Managing Director, Puravankara. “On a personal note, I am happy to see our foray back into Mumbai, where it all began in 1975.”
The Chembur project will offer 2,3 and 4-bedroom apartments priced over Rs 2 crore to up to Rs 5 crore.
is the new range of ultra- Luxury homes by Puravankara Limited. The company is currently working on two projects–Purva Atmosphere in Bengaluru and Purva Somerset in Chennai under its ‘World Home Collection’.
“We have seen a huge turnaround post the lifting of the lockdown in terms of property sales. In the last quarter we did 0.9 million sq ft sales, highest ever from an ongoing project without any single launch,” Puravankara said.
The firm also plans to launch its affordable homes brand in Mumbai Metropolitan Region (MMR) and Pune in the next few quarters. Puravankara will be launching its 1.8-million-sq-ft affordable homes project under the Provident brand followed by Pune.
The company has so far completed 74 projects measuring over 42 million sq ft and over 22 million sq ft projects are under development. Currently, the total land asset of the company is nearly 67 million sq ft.
