Leading real estate developer Puravankara, on Tuesday, April 23, announced it has been appointed as the preferred developer to redevelop a housing society in the upscale Pali Hill neighborhood of Mumbai’s Bandra West. This housing society spread over an anticipated 2.5 Acres, boasts several Bollywood celebrities as its residents.
The upcoming project will have a gross anticipated development potential of 4.10 Lakh-SqFt, with over 2.15 Lakh-SqFt available for sale. The potential Gross Development Value (GDV) is more than INR 2,000 Crore. This substantial land parcel is located in an affluent residential area with ongoing property rates soaring above INR 1 Lakh per SqFt.
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Moreover, Puravankara is in advanced talks for three to four other Mumbai housing societies and is exploring commercial redevelopment projects in the city. Currently, Mumbai and Pune are the company’s new focus areas, especially for redevelopment projects.
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