Shares of Puravankara Ltd surged 6% on 2 September after the company announced that its wholly-owned subsidiary had secured a redevelopment project. 

In its regulatory filing, the company said that its wholly-owned subsidiary, Purva Blue Agate Pvt Ltd, has secured a major redevelopment project in Mumbai’s ultra-premium Malabar Hill locality. 

The 1.43-acre site can be redeveloped into 0.7 million sq. ft. of space, with an estimated revenue potential of Rs 2,700 crore. The project will deliver luxury homes to existing residents while unlocking a significant amount of inventory for sale on the open market.

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.”

Rajat Rastogi, CEO of West & Commercial Assets, Puravankara Limited, said that the addition of Malabar Hill to their Mumbai portfolio will strengthen their growing role in the city’s redevelopment story. 

Rastogi added, “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 crore.”

The announcement comes soon after the company’s July 2025 milestone, when it secured the role of preferred developer for eight residential society redevelopments in Chembur. That project spans 1.2 million sq. ft. of development potential with an estimated GDV of Rs 2,100 crore.

Over the last two years, Puravankara has expanded its redevelopment portfolio with projects in Breach Candy, Pali Hill, and Lokhandwala. The Malabar Hill addition strengthens its position as a leading player in Mumbai’s fast-growing redevelopment market.

At 11:43 am, the shares of Puravankara were trading 2.28% higher at Rs 292 on NSE.

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