Puravankara Limited has secured redevelopment rights for a premium residential society in Mumbai’s Malabar Hill, marking its entry into one of South Mumbai’s most exclusive real estate markets with a project estimated to have a gross development value (GDV) of Rs 2,700 crore.
The developer’s wholly owned subsidiary, Purva Blue Agate Pvt Ltd, has received a Letter of Award to redevelop the 1.43-acre property belonging to Samrat Ashok Co-operative Housing Society Ltd. The project is expected to generate around 0.7 million sq ft of residential space, with homes planned for existing society members as well as inventory for open-market sale.
Ashish Puravankara, Managing Director, stated: “This redevelopment project reflects our commitment to creating world-class homes while contributing to the evolving urban fabric of India’s financial capital.”
The project strengthens Puravankara’s presence in Mumbai’s premium redevelopment segment, following its involvement in redevelopment opportunities across locations such as Breach Candy, Pali Hill and Lokhandwala.
The Malabar Hill mandate comes amid strong demand for luxury housing in South Mumbai, where limited land availability and redevelopment-led supply continue to support premium property values. However, detailed information on apartment configurations, final pricing and the formal sales launch remains awaited.
The company’s broader Mumbai redevelopment pipeline is also expanding. CEO Rajat Rastogi stated that the Malabar Hill project “brings our total potential in the city to 4.25 million sq ft and an aggregate GDV of Rs 105 billion.”
The developer is expected to proceed with planning and statutory approvals before announcing project-level details. Key milestones for prospective buyers will include the project’s MahaRERA registration, final unit configurations, carpet-area disclosures and official pricing.
Given its location and proposed positioning, the development is expected to cater to Mumbai’s high-end residential segment. The project will also provide replacement homes for existing society members as part of the redevelopment agreement.
The Malabar Hill project represents another expansion of Mumbai’s redevelopment market, where established residential societies are increasingly partnering with larger developers to replace ageing buildings with modern housing while unlocking additional saleable inventory.
Source: Realty Promoo
