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Puravankara re-enters Mumbai realty mkt; to build premium proj for Rs 450 cr

·1-min read

New Delhi, Mar 9 (PTI) Realty firm Puravankara Ltd on Tuesday said it has re-entered the Mumbai market and will develop a premium mixed-use project in the city at a cost of Rs 450 crore.

The group had developed real estate projects in 1970s under a different brand.

In the project 'Purva Clermont' located in Chembur, the company will develop four residential towers with 233 units and one commercial tower of 79 units. The project is spread over 2.25 acres, which is fully-owned by the company.

The total project cost is estimated at Rs 450 crore and a major part has already been invested in land acquisition and regulatory approvals, Puravankara Ltd MD Ashish R Puravankara told reporters during a virtual press conference.

He said the company expects a sales realisation of about Rs 800 crore from this project.

'We will start construction in the next 90 days and the project will be completed in the next four years,' the company's COO Abhishek Kapoor said.

'The gradual recovery of the economy has revived the demand within the real estate sector. We strongly believe that the current landscape is ideal for us to strengthen our presence in Mumbai, which is one of the largest growing real-estate markets in the country,' Ashish said.

The demand remains strong in the Mumbai market for projects in right locations and at right prices, he added.

Bengaluru-based Puravankara has completed 74 projects measuring over 42 million sq ft and over 22 million sq ft of projects are under development. Currently, the total land asset of the company is nearing 67 million sq ft. PTI MJH RAM