Puravankara to rebuild 8 housing societies in Mumbai, eyes Rs 2,100 cr revenue

New Delhi, Jul 7 (PTI) Realty firm Puravankara Ltd will rebuild eight housing societies in Chembur, Mumbai and is expecting to generate revenue of Rs 2,100 crore from saleable areas.

In a regulatory filing on Monday, Bengaluru-based Puravankara Ltd informed that the company has been selected for the redevelopment of eight residential societies in Chembur, Mumbai.

This will unlock a total development potential of over 12 lakh square feet, spread over 4 acres, with an estimated gross development value (GDV) of Rs 2,100 crore, the company said.

Ashish Puravankara, Managing Director at Puravankara Ltd, said the company intends to strengthen its presence in Mumbai Metropolitan Region (MMR) and Pune markets in West India.

"The (West) 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," he added.

Puravankara has so far completed more than 90 projects measuring 53 million square feet across nine cities - Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company's total land bank is 25 million square feet, and ongoing projects add up to 37 million square feet. PTI MJH SHW