Puravankara Limited, a renowned real estate developer from Bengaluru, has unveiled plans to redevelop a residential housing society situated in the coveted locale of Pali Hill, Mumbai. The initiative boasts a substantial estimated development capacity of 4.10 lakh sq ft carpet area. With approximately 2.15 lakh square feet earmarked for sale. This luxury residential project, as indicated in a regulatory filing on April 23, is poised to yield a potential Gross Development Value (GDV) exceeding Rs 2,000 crore.
Located in the upscale vicinity of Bandra West Mumbai, Pali Hill has property rates ranging from Rs 1 Lakh to Rs 1.20 lakh per sq ft. Making it a sought-after address. This upcoming residential project in Bandra area is spread across 2.5 acres of land parcel. This residential society stands as one of the largest in its micro-market segment.
Notably, Puravankara Group is currently engaged in advanced negotiations for the redevelopment of three to four other esteemed housing societies within Mumbai. Underscoring its commitment to transform urban development endeavors.
Abhishek Kapoor, Executive Director and Chief Executive Officer of Puravankara Developers, outlined the company's ambitious targets. Revealing plans to culminate the fiscal year with the delivery of 2,000 units spanning a development potential exceeding 2 million sq ft (msf) across key metropolitan hubs including Bengaluru, Pune, Chennai, and Mumbai.
Upcoming Projects has this latest news through sources.
