Latest news with #RajatRastogi
Business Standard
07-07-2025
- Business
- Business Standard
Puravankara to redevelop 8 societies in Mumbai, with a GDV potential of Rs 2,100 crore
VMPL Mumbai (Maharashtra) [India], July 7: Puravankara Limited (NSE: PURVA | BSE: 532891), one of India's most trusted and admired real estate developers, has been selected as the preferred developer for the redevelopment of eight residential societies in Chembur, Mumbai. This marks a significant milestone for the company, unlocking total development potential of over 1.2 million square feet, spread over approximately 4 acres, with an estimated gross development value (GDV) of Rs 2,100 crore. This announcement follows Puravankara's previous acquisitions of development rights for prestigious redevelopment projects in Mumbai's Breach Candy, Pali Hill, and Lokhandwala. These strategic wins reflect Puravankara's growing footprint in the redevelopment segment in the west region, underscoring its commitment to revitalising urban spaces with quality and integrity. Commenting on the strategic announcement, Ashish Puravankara, Managing Director, Puravankara Limited, said, "Securing marquee redevelopment projects in highly sought-after Mumbai neighbourhoods such as Breach Candy, Pali Hill, Lokhandwala, and now Chembur is a strong validation of the trust, discerning societies and residents place in the Puravankara brand. What distinguishes us is not just our vision, but also our design-led approach and unwavering focus on quality. Now with 11 projects across Mumbai and Pune, spanning approximately 14 million square feet, including 3.6 million square feet in redevelopment, we are committed to strengthening our footprint in the western region. The region is expected to contribute a GDV of approximately Rs 18,000 crore, of which approximately Rs 7,700 crore will come from redevelopment alone." Rajat Rastogi, CEO-West and Commercial Assets, Puravankara Limited, added, "We are honoured to be selected as the developer to redevelop eight societies in Chembur. After receiving a phenomenal response for our existing project in Chembur (Purva Clermont), our expansion in this micro-market will strengthen our footprint further. As we celebrate our Golden Jubilee year, this achievement not only reinforces our position as a trusted partner in the redevelopment space but also strengthens our presence in Mumbai's vibrant and competitive real estate market. We remain committed to driving innovation and delivering value to all stakeholders, residents, partners, and the communities we serve." Puravankara's continued success and strong pipeline in the redevelopment space reflect its strong execution capabilities, customer-centric approach, and deep expertise in navigating complex urban projects. 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.
Time of India
07-07-2025
- Business
- Time of India
Puravankara to redevelop 8 Chembur societies in Rs 2,100-crore Mumbai project
Realty developer 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.
Business Standard
07-07-2025
- Business
- Business Standard
Puravankara jumps after bagging Chembur redevelopment project
Puravankara rallied 4.47% to Rs 295.75 after the company has selected as the preferred developer for the redevelopment of eight residential societies in Chembur, Mumbai. The project marks a key milestone for the company, unlocking a total development potential of over 1.2 million sq ft, spread across approximately 4 acres. The estimated gross development value (GDV) of the project stands at Rs 2,100 crore, Puravankara said in a regulatory filing. This announcement follows Puravankaras recent acquisition of development rights for marquee redevelopment projects in Breach Candy, Pali Hill, and Lokhandwala in Mumbai. These strategic wins underscore the companys growing footprint in the western regions redevelopment segment, reinforcing its commitment to revitalising urban spaces with quality and integrity. Ashish Puravankara, Managing Director, Puravankara, said, Securing marquee redevelopment projects in highly sought-after Mumbai neighbourhoods such as Breach Candy, Pali Hill, Lokhandwala, and now Chembur is a strong validation of the trust, discerning societies and residents place in the Puravankara brand. What distinguish us is not just our vision, but also our design-led approach and unwavering focus on quality. Now with 11 projects across Mumbai and Pune, spanning approximately 14 million square feet, including 3.6 million square feet in redevelopment, we are committed to strengthening our footprint in the western region. The region is expected to contribute a GDV of approximately Rs 18,000 crore, of which approximately Rs 7,700 crore will come from redevelopment alone. Rajat Rastogi, CEO-West and Commercial Assets, Puravankara, added, "We are honoured to be selected as the developer to redevelop eight societies in Chembur. After receiving a phenomenal response for our existing project in Chembur (Purva Clermont), our expansion in this micro-market will strengthen our footprint further. As we celebrate our Golden Jubilee year, this achievement not only reinforces our position as a trusted partner in the redevelopment space but also strengthens our presence in Mumbais vibrant and competitive real estate market. We remain committed to driving innovation and delivering value to all stakeholders, residents, partners, and the communities we serve." Puravankara, headquartered in Bengaluru, is one of Indias most admired and trusted real estate developers. The company has established three distinct and successful residential brands Purva, Provident Housing Limited (PHL) and Purva Land, catering to the entire spectrum of housing and plotted development needs. The company reported consolidated net loss of Rs 75.89 crore in Q4 FY25 as against net profit of Rs 6.50 crore posted in Q4 FY24. Net sales tanked 63.9% year on year to Rs 155.21 crore in Q4 FY25.
