Puravankara to redevelop 8 Chembur societies in Rs 2,100-crore Mumbai project
Puravankara
has secured rights to undertake redevelopment of eight residential societies spread over around four acres in Mumbai's eastern suburb Chembur. The project with total development potential of over 1.2 million sq ft is estimated to hold gross development value (GDV) of Rs 2,100 crore.
This is one of the larger redevelopment projects undertaken by the Bengaluru-based listed company in the
Mumbai property market
and is aligned with the developer's continued focus on the residential redevelopment segment in the west region.
This follows Puravankara's previous acquisitions of rights for redevelopment projects in Mumbai's Breach Candy, Pali Hill, and Lokhandwala localities.
'Now with 11 projects across Mumbai and Pune, spanning around 14 million sq ft, including 3.6 million sq ft in redevelopment, we are committed to strengthening our footprint in the western region. The region is expected to contribute a GDV of around Rs 18,000 crore, of which over Rs 7,700 crore will come from redevelopment alone,' said
Ashish Puravankara
, Managing Director, Puravankara.
The new project in Chembur involves the development of a premium residential complex along with the redevelopment of 143 existing apartments in these housing societies.
'This will be our second project in the micro market of Chembur. The first project involving greenfield development over nearly 2.1 acres here has received robust response and gave us the confidence to add more projects here into our portfolio,' said Rajat Rastogi, CEO-West and Commercial Assets, Puravankara.
The company has so far completed over 90 projects measuring 53 million sq ft across nine cities including Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The developer's total land bank is 25 million sq ft, and ongoing projects add up to 37 million sq ft.
Real estate projects involving the redevelopment of old housing societies and rehabilitation are the mainstay of the Mumbai region's property market, as the land-starved city and its peripheral areas have few vacant land parcels. Ends
The redevelopment sector in Mumbai has seen increased activity, especially in eastern and western suburbs, due to constrained land availability and regulatory focus on replacing ageing building stock.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
29 minutes ago
- Business Standard
Siemens Energy Q2FY26 results: Net profit rises 36% to ₹246 crore
In March quarter, the company reported a total income of Rs 1,893.9 crore, up from Rs 1,196.8 crore in the year-ago period Press Trust of India New Delhi Siemens Energy India Ltd (SEIL) on Monday posted 36.34 per cent rise in net profit at Rs 246.1 crore for January-March 2025, mainly driven by income from power transmission and generation segment. It had reported Rs 180.5 crore profit for the second quarter a year ago. The company follows October to September as financial year. In March quarter, the company reported a total income of Rs 1,893.9 crore, up from Rs 1,196.8 crore in the year-ago period. Revenues from transmission rose to Rs 1,013.8 crore from Rs 604.9 crore in January-March 2024. Revenue from generation grew to Rs 865.7 crore from Rs 591.7 crore. Expenses also shot up to Rs 1,548.6 crore from Rs 952.4 crore on account of increased cost of materials consumed and project bought outs and other direct costs. The company's profit in October-March more than doubled to Rs 477.8 crore from Rs 180.5 crore earlier. SEIL is an energy technology company. Shares of the company got listed on the stock exchanges on June 19 after the demerger of energy business of Siemens Ltd. "With this listing, we reaffirm our long-standing commitment to India's energy future. As India advances toward becoming a USD 7 trillion economy, a strong and resilient energy system will be essential. SEIL, with its dedicated team, is ready to support this important journey for India and its people," company's MD and CEO Guilherme Mendonca said. In December 2023, Siemens Ltd said its board has approved the demerger of its energy business into a separate entity. While Germany-based Siemens AG and its subsidiaries hold 69 per cent stake in SEIL, subsidiaries of Siemens Energy AG hold 6 per cent, with the remainder in free float. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
&w=3840&q=100)
Business Standard
29 minutes ago
- Business Standard
Central Bank stake to double bancassurance for company: Future Generali MD
The stake acquisition by Central Bank of India in Future Generali India Insurance is expected to double sales through the bancassurance channel from the existing 6–7 per cent over the next three to five years, Anup Rau, Managing Director (MD) & Chief Executive Officer (CEO) of the company, said. 'Bancassurance typically accounts for around 6 per cent of the general insurance industry's overall business. For Future Generali also, the share of banca is currently around 6–7 per cent. The company hopes to double the share of bancassurance to total business to close to 10–12 per cent in the next three to five years,' Rau said. State-owned Central Bank of India acquired a 24.91 per cent stake in Future Generali India Insurance for ₹451 crore. The acquisition was completed on 4 June 2025 and the bank has received approval from the Competition Commission of India (CCI), Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (Irdai). The remaining stake is held by the Italy-based Generali Group. The bank partnership is also expected to provide access to its wide customer base and an opportunity to expand into remote and rural areas of the country, which will further boost business growth for the company. The multi-line general insurer ended the financial year 2025 with ₹5,408.16 crore in gross written premium, which it targets to grow to ₹10,000 crore by FY30. 'We will grow faster than the industry. If the industry is going to grow at 10–12 per cent, we will go higher. Among the top 10 players, we were the third fastest growing last year. The Central Bank makes it possible for us to reach remote corners of the country and having a brick-and-mortar structure makes it possible to penetrate the smallest panchayat. I think we'll continue to be among the fastest growing ones. We aim to touch the ₹10,000 crore premium mark by FY30,' Rau said. The insurer recorded 10 per cent growth in FY25, outperforming the industry, which grew 6.5 per cent during the year amid the new accounting norms and muted performance in the health and motor segments. Going forward, the company aims to maintain above-industry growth, even as the sector continues to adjust to revised accounting practices.
India Today
32 minutes ago
- India Today
Chennai startup wins Rs 3 lakh for safety tech in old buildings at IIT Madras event
A startup developing fibre-optic sensors to monitor ageing infrastructure has bagged the top prize of 3 lakh at Sangam 2025, the annual global innovation and alumni summit hosted by IIT Madras and its alumni Sensing emerged as the winner at the startup pitchfest, held on July 4 in Bengaluru, where 20 deep tech and AI startups pitched their ideas to a gathering of over 250 investors and venture firm's product uses fibre-optic sensing systems for real-time monitoring of critical infrastructure, offering a scalable solution to detect structural gaps in bridges, buildings, and industrial facilities. The technology is poised to transform infrastructure safety, particularly in ageing urban environments.Q-AXIS MOTORS AND ZENTOR MEDTECH WINNERS TOO The second prize went to Q-axis Motors, a startup that has developed India's first sub-100rad precision gimbals, designed for use in defence, drone, and surveillance systems. Their high-precision motion control devices offer vital improvements in stability and targeting for unmanned systems and aerial third place was Zentor Medtech, which has created the world's first patented solid-state laser technology for eye surgery. The innovation promises to enhance the precision and safety of ophthalmic procedures, offering an alternative to conventional laser equipment with solid-state AI, INNOVATION, AND ENTREPRENEURSHIPHeld on July 4 and 5 in Bengaluru, Sangam 2025 brought together over 500 participants, including entrepreneurs, faculty, alumni, and investors. The theme revolved around Artificial Intelligence, innovation, and entrepreneurship, reinforcing IIT Madras's position as a national leader in deep tech research and commercialisation. (L_R) Prof Ashwin Mahalingam, Prof V Kamakoti, Shri Piyush Goyal, Shyamala Rajaram at Sangam 2025 Event in Bangalore on 5th July 2025 Speaking at the event, Union Minister Piyush Goyal said: 'I have seen the passion, the enthusiasm, the bright ideas and the willingness to explore the unknown, the spirit of inquiry that all of you have demonstrated, it truly makes all of us proud of your work so much that now, having committed the entire first tranche of 'Fund of Funds' of Rs. 10,000 Crore in the last budget, now another Rs. 10,000 Crore has now been provided as Tranche 2.'He further shared that the Cabinet has approved a $12 billion (Rs 1 lakh crore) interest-free loan to the Department of Science and Technology, aimed at supporting new technologies through flexible funding models that can be reinvested as innovations MADRAS PUSHES FOR 'VIKSIT BHARAT 2047'advertisementSpeaking earlier, Prof. V Kamakoti, Director, IIT Madras, said, 'IIT Madras is committed to playing a pivotal role in shaping 'Viksit Bharat 2047'. At the forefront of its agenda are innovation and entrepreneurship, which are key drivers for National progress. The upcoming 'Sangam 2025' event embodies this vision, with a series of thoughtfully curated events designed to empower India to emerge as a nation of entrepreneurs and a global leader in product innovation.'The event was also addressed by other eminent personalities, including Kris Gopalakrishnan, Chairman of Axilor Ventures & Co-founder of Infosys, Dr S Somanath, Vikram Sarabhai Professor and Former Chairman of ISRO -- both distinguished alumni of IIT Madras -- and Shri Tejasvi Surya, Hon'ble Member of Parliament (Lok Sabha), Bengaluru event also featured high-profile sessions with Aparna Chennapragada (Microsoft), Srinivas Narayanan (OpenAI), Tarun Mehta (Ather Energy), Kris Gopalakrishnan (Infosys), and Dr S Somanath (former ISRO Chairman) -- all IIT Madras STARTUPS TO GLOBAL IMPACTThe Pitchfest showcased innovations across AI, health, biotech, quantum computing, logistics, and climate tech. All selected startups will now receive support from the IIT Madras Innovation Ecosystem, which has already nurtured over 500 startups in the last Shyamala Rajaram, President of the IIT Madras Alumni Association, said: 'Sangam 2025 is the powerful confluence of IIT Madras and its global alumni -- sparking bold conversations on innovation and entrepreneurship.'With initiatives like these, IIT Madras continues to strengthen its role as a global hub for technology-driven transformation and economic progress.- Ends
