Puravankara forays into Mumbai with Rs 450-cr ultra-luxury project

Marking its entry into the Mumbai-market, Bengaluru-based realty player Puravankara is investing Rs 450 crore to launch a residential-cum-commercial luxury project in the city’s Chembur suburb. This project will have four towers with a total of 233 residential units with 2-,3- and 4-BHKs and one tower of 79 commercial units. 

It is a 2.25 acre project on the land parcel completely owned by the company. “We will start construction in 90 days and intend to complete the project in the next four years,” said the company COO Abhishek Kapoor. The company expects a topline revenue of Rs 800 crore from this project. 

Puravankara has already launched two luxury projects under its World Home Collection brand in Bengaluru and Chennai. According to an Anarock report, post the pandemic non-resident Indians are once again scouting for luxury homes in the country, with the IT hubs Bengaluru and Pune seeing the highest NRI demand. 

“The last few months have witnessed a steady growth in the luxury housing segment, which is indicative of a shift in the post-pandemic consumer behaviour. Leveraging this shift and latent demand, Puravankara believes this is the right time to bring their ultra-luxury World Home Collection homes to Mumbai,” said the company.

Puravankara is also in talks to roll out an affordable housing project sized 1.8 million square feet under its Provident brand in Thane, Mumbai. “Post that launch we will see another Provident launch in Pune,” said Puravankara MD Ashish R Puravankara.