VMPL
Mumbai (Maharashtra) [India], September 2: Puravankara Limited (NSE: PURVA | BSE: 532891), one of India's most trusted and admired real estate developers, today announced the acquisition of redevelopment rights for a prime residential society in Malabar Hill, Mumbai, through its wholly owned subsidiary, Purva Blue Agate Pvt Ltd.
A new standard for luxury living is coming to South Mumbai. This 1.43-acre project offers a development potential of 0.7 million square feet, providing new, premium homes for existing residents while also creating a substantial portion for sale. With an estimated revenue potential of Rs 2,700 crores, this exclusive residential enclave will redefine luxury in the city.
Commenting on the development, Ashish Puravankara, Managing Director, Puravankara Limited, said, "We are delighted to make our foray into Malabar Hill, one of Mumbai's most prestigious addresses. This redevelopment project reflects our commitment to creating world-class homes while contributing to the evolving urban fabric of India's financial capital. With its location, scale, and luxury positioning, this project is in perfect alignment with our strategy of expanding into key strategic markets across the city."
This announcement comes close on the heels of Puravankara being selected as the preferred developer for the redevelopment of eight residential societies in Chembur (July 2025), with a development potential of over 1.2 million square feet and an estimated GDV of Rs 2,100 crores.
"The addition of Malabar Hill further strengthens our Mumbai portfolio and underscores our growing role in the city's redevelopment story. This is our second major redevelopment in South Mumbai after the Miami Apartments at Breach Candy. With a sharp focus on design excellence, transparency, and timely delivery, we continue to be the trusted partner for societies embarking on redevelopment. With this acquisition, our redevelopment portfolio in Mumbai now stands at 4.25 million square feet, with a potential GDV of Rs 10,500 crores," said Rajat Rastogi, CEO - West & Commercial Assets, Puravankara Limited.
Over the last two years, Puravankara has steadily built a strong redevelopment pipeline with projects in Breach Candy, Pali Hill, and Lokhandwala. The latest addition at Malabar Hill reinforces the company's position as a key player in Mumbai's rapidly evolving redevelopment landscape. As the company celebrates 50 years of operations, it remains committed to shaping the future of urban living through sustainable, well-designed, and community-focused developments.
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