ANI PR Wire
16 Nov 2023, 11:48 GMT+10
BusinessWire India
Mumbai (Maharashtra) [India], November 16: Puravankara Limited (BSE: 532891), one of India's most trusted and admired real estate developers, has secured the residential redevelopment rights for two housing societies in the western suburbs of Mumbai. This acquisition is a significant milestone in Puravankara's expansion journey and marks its entry into the redevelopment space in the western region.
Situated in the heart of Lokhandwala in Andheri West, the project is spread over 3 acres. It has a cumulative estimated development potential of 5.8 lakh square feet carpet area, with approximately 3.65 lakh square feet available for sale and a potential gross development value (GDV) of INR 1,500 crore over the project's lifecycle.
Commenting on the strategic advancement, Abhishek Kapoor, Group CEO of Puravankara Limited, said, "We are thrilled about this significant milestone as it marks our entry into the redevelopment segment. This strategic move also underscores our commitment to expanding our footprint in Mumbai's thriving real estate market. At Puravankara, we are committed to delivering high-quality, sustainable, and modern homes that meet the evolving needs of our customers."
Speaking on the transaction, Rajat Rastogi, CEO - West & Commercial Assets- Pan India said, "Andheri- Lokhandwala has emerged as a prominent hotspot in Mumbai's realty map due to several ongoing and upcoming infrastructure projects. With Puravankara's customer-focused approach and expertise in delivery excellence, this redevelopment project will be a marquee project. We look forward to bringing our expertise and experience to this development. Our team of experts will work closely with societies to ensure a smooth and seamless redevelopment process. We are committed to creating vibrant communities and curating exceptional living environments that residents will be proud to call home."
As Puravankara remains dedicated to pursuing avenues for expansion, the company plans to launch two new projects in Pune this fiscal year. This move is part of a broader plan to enhance its development potential by acquiring new land parcels. The primary emphasis continues to be on executing distinguished projects in well-connected locations across the western region.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by BusinessWire India. ANI will not be responsible in any way for the content of the same)
Get a daily dose of Herald Globe news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Herald Globe.
More InformationWASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...
GENEVA, Switzerland: A new United Nations report alleges that dozens of global corporations are profiting from and helping sustain...
LONDON, UK - Lawmakers in the United Kingdom have voted overwhelmingly to proscribe the direct-action group Palestine Action as a terrorist...
DHARAMSHALA, India: The Dalai Lama is set to address a significant three-day conference of Buddhist leaders this week, coinciding with...
WASHINGTON, D.C.: In a significant ruling last week, the U.S. Supreme Court upheld a Texas law requiring age verification for users...
ISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
ABU DHABI, 3rd July, 2025 (WAM) -- The Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) and the National Basketball Association...
New Delhi [India], July 3 (ANI): The social media accounts of several Pakistani actors and cricketers remain blocked after it was reported...
Jaipur (Rajasthan) [India], July 2 (ANI): The much-anticipated LEGEN-Z T10 League will be played from August 7 to August 13 at the...
New Delhi [India], July 2 (ANI): The Board of Control for Cricket in India (BCCI) Ombudsman Justice (Retd) Arun Mishra has directed...
Mumbai (Maharashtra) [India], July 2 (ANI): Actor-comedian Kapil Sharma is back with another episode of 'The Great Indian Kapil Show,'...
Birmingham [UK], July 2 (ANI): Former head coach and cricketer Ravi Shastri didn't mince his words while expressing his discontent...