Mumbai — Bengaluru-based real estate major Puravankara Limited has announced a major redevelopment initiative involving eight residential societies in Chembur, Mumbai. The project spans over four acres and will unlock more than 1.2 million square feet of development potential. The estimated Gross Development Value (GDV) for this project is ₹2,100 crore, making it one of the most significant redevelopment ventures in the city’s eastern suburbs.
This project further expands Puravankara’s growing footprint in Western India. The company has previously secured redevelopment projects in prestigious Mumbai locations such as Breach Candy, Pali Hill, and Lokhandwala. The Chembur project is seen as a key part of the developer’s strategic push into high-demand urban areas where housing stock is ageing and redevelopment opportunities are abundant.
Ashish Puravankara, Managing Director of Puravankara Limited, stated that the project reflects the growing trust that residents and housing societies place in the brand. He emphasized that being selected as the preferred developer for this large-scale redevelopment is a testament to the company’s track record in timely and quality execution. He further added that the company remains committed to delivering modern, sustainable, and high-quality living spaces that enhance the lifestyle of residents.
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With this announcement, Puravankara’s total portfolio in the western region now includes 11 projects across Mumbai and Pune, covering an estimated 14 million square feet of development. Out of this, nearly 3.6 million square feet is attributed to redevelopment projects alone. The company estimates a total GDV of approximately ₹18,000 crore from its Western India ventures, with ₹7,700 crore expected from redevelopment projects.
The announcement had a noticeable impact on the company’s stock performance. Puravankara shares saw a rise of around 4 to 7 percent, trading close to ₹295 on the Bombay Stock Exchange. Analysts see this as a positive sign of investor confidence in the company’s ability to execute large and complex urban redevelopment projects.
Rajat Rastogi, CEO – West & Commercial Assets at Puravankara, said the Chembur redevelopment aligns with the company’s growth strategy, especially during its golden jubilee year. He noted that the project not only reinforces the company’s position as a trusted redevelopment partner but also strengthens its presence in Mumbai’s competitive real estate market. Rastogi also pointed out that the success of their existing project in Chembur, Purva Clermont, demonstrates the area’s robust demand and validates their expansion plans in this micro-market.
The company’s redevelopment approach is based on community engagement, modern urban planning principles, and a deep understanding of local needs. Puravankara believes that redevelopment is not just about increasing floor area but also about delivering better amenities, infrastructure, and safety to residents who have lived in these neighborhoods for decades.
Puravankara has a strong track record in real estate development, having completed over 90 projects totaling 53 million square feet across nine cities. Its land bank spans more than 25 million square feet, and the company currently has 37 million square feet under various stages of development. With increasing interest from housing societies looking to upgrade their living conditions, redevelopment is emerging as a major growth driver for the company.
Mumbai’s redevelopment market is gaining traction due to a mix of factors, including favourable changes to Floor Space Index (FSI) rules, growing urban population, and the pressing need to replace old and unsafe structures with modern housing. Developers like Puravankara are increasingly stepping in to fill this gap, offering residents new homes with enhanced infrastructure and amenities while maximizing land use efficiency.
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The Chembur redevelopment project will also bring significant socio-economic benefits to the local community. It is expected to generate employment, improve civic infrastructure, and create a more sustainable urban environment. For residents, it promises a chance to upgrade to contemporary homes without leaving their familiar neighbourhoods.