Bengaluru-based listed developer Puravankara Limited has announced the acquisition of redevelopment rights for a premium residential society in Malabar Hill, one of South Mumbai’s most coveted addresses. The project, secured through its wholly owned subsidiary Purva Blue Agate Pvt Ltd, spans 1.43 acres and offers a development potential of 700,000 sq ft. The gross development value (GDV) is estimated at Rs 27 billion.

The company stated that the upcoming development will be an exclusive residential enclave, designed to redefine luxury urban living in India’s financial capital.

“This marks our entry into Malabar Hill, an iconic Mumbai location,” said Ashish Puravankara, Managing Director, Puravankara Limited. “With its premium positioning, scale, and location, this redevelopment aligns perfectly with our strategy to expand into key strategic micro-markets across the city.”

This is the second major redevelopment venture announced by the company in South Mumbai. In September 2024, Puravankara had secured rights for Miami Apartments at Breach Candy. Additionally, in July 2025, the company launched redevelopment for eight residential societies in Chembur, with a total development potential of over 1.2 million sq ft and a GDV of Rs 21 billion.

According to Rajat Rastogi, CEO – West and Commercial Assets at Puravankara, “The Malabar Hill acquisition further strengthens our Mumbai redevelopment portfolio, bringing our total potential in the city to 4.25 million sq ft and an aggregate GDV of Rs 105 billion.”