Puravankara, a Bengaluru based real estate developer has acquired redevelopment rights for three residential societies in Bangur Nagar, Goregaon West Mumbai in a project with an estimated Gross Development Value (GDV) of Rs. 2,600 crore. The 4.68-acre project has a total development potential of around 1.05 million sq ft. This will be the company’s 8th redevelopment project in Mumbai and takes its potential Mumbai redevelopment portfolio’s GDV to around Rs. 17,500 crore.
Three Goregaon societies to be redeveloped
The three residential societies are situated in Bangur Nagar which is a well-established housing township in Goregaon West. Puravankara stated that the project will help the company strengthen its presence in Mumbai’s western suburbs, which offer connectivity to business districts as well as established social infrastructure.
| Metric | Data |
|---|---|
| Goregaon West Project GDV | ₹2,600 crore |
| Goregaon West Development Potential | 1.05 million sq ft |
| Mumbai Redevelopment Portfolio GDV | ₹17,500 crore |
| Puravankara’s Mumbai Redevelopment Projects | 8 projects |
| Homes Potentially Added Through Redevelopment by 2030 | 44,000+ homes |
| Estimated Value of These Homes | ₹1.3 lakh crore |
The project adds 1.05 million sq ft of developable potential to Puravankara’s redevelopment pipeline in Mumbai. The company has been expanding its redevelopment portfolio across established neighbourhoods where redevelopment offers an avenue to create new residential space within the existing urban fabric.
Goregaon project expands Puravankara’s Mumbai portfolio
The Goregaon project is Puravankara’s eighth redevelopment project in Mumbai. Its existing redevelopment portfolio includes locations such as Breach Candy, Pali Hill, Lokhandwala, Malabar Hill and Cuffe Parade. With the latest addition, the company said its Mumbai redevelopment portfolio has a potential GDV of approximately Rs. 17,500 crore.
Ashish Puravankara, managing director of Puravankara, said redevelopment is an important part of the company’s Mumbai growth strategy. He added that the company sees an opportunity to build a larger redevelopment platform in the city, supported by its existing portfolio and execution capabilities.
The company’s expansion comes as redevelopment continues to provide developers with opportunities in established parts of Mumbai where availability of new land is limited.
Goregaon deal adds to Mumbai’s redevelopment pipeline
The Goregaon project adds to the wider redevelopment activity taking place across Mumbai, where existing housing societies are increasingly being rebuilt to create newer residential stock. A Knight Frank report estimates that redevelopment projects could add more than 44,000 homes worth Rs. 1.3 lakh crore to Mumbai’s housing stock by 2030.
For Puravankara, the latest project strengthens its presence across established Mumbai neighbourhoods while adding another large-scale redevelopment opportunity to its pipeline. The 4.68-acre Goregaon project also expands the company’s development potential in the western suburbs, alongside its projects in other established parts of the city.
The transaction therefore adds another sizable project to Mumbai’s redevelopment pipeline, while taking Puravankara’s redevelopment portfolio in the city to eight projects with a combined potential GDV of about Rs. 17,500 crore.
