Puravankara to redevelop 2.5-acre housing society in Mumbai's Pali Hill

26 Apr 2024 CW Team

In November, the Bengaluru-based developer had announced securing rights to undertake the redevelopment of two housing societies spread over a total 3-acre land parcel in the Lokhandwala area in Andheri West suburb.

Rastogi further elaborated that the company was in advanced discussions for three to four other Mumbai housing societies. Additionally, they were considering bidding for commercial redevelopment projects in the city as well. He emphasized that Mumbai and Pune were their new focus areas, particularly regarding redevelopment projects. He stated, "Puravankara is in talks with several societies, and we are a preferred developer for many who trust our company's track record of quality and on-time delivery."

The company had recently announced crossing Rs 59 billion in sales value for the financial year 2023-24, reflecting a 90% increase compared to Rs 31.07 billion in 2022-23. Collections had grown by 60% to Rs 36.09 billion during the financial year.

Real estate projects involving the redevelopment of old housing societies and rehabilitation were noted as the cornerstone of the Mumbai region?s property market, given the scarcity of vacant land parcels in the city and its peripheral areas.

In July, the government of Maharashtra had stated that a member of a housing society undergoing redevelopment need not pay stamp duty on the allotted permanent accommodation as part of the project. Consequently, the member was expected to pay only Rs 100 as stamp duty, while the principal agreement between the development and the housing society would be charged as per the conveyance.

The state government?s decision was anticipated to facilitate the redevelopment of numerous old and dilapidated housing societies across key cities in the state.

Rajat Rastogi, CEO of West & Commercial Assets at Puravankara said that they had been appointed as the preferred developer for the Pali Hill redevelopment project. He mentioned that the redevelopment opportunity in Mumbai was substantial, with a Gross Development Value (GDV) exceeding Rs 3 trillion over the next decade. In November, the Bengaluru-based developer had announced securing rights to undertake the redevelopment of two housing societies spread over a total 3-acre land parcel in the Lokhandwala area in Andheri West suburb. Rastogi further elaborated that the company was in advanced discussions for three to four other Mumbai housing societies. Additionally, they were considering bidding for commercial redevelopment projects in the city as well. He emphasized that Mumbai and Pune were their new focus areas, particularly regarding redevelopment projects. He stated, Puravankara is in talks with several societies, and we are a preferred developer for many who trust our company's track record of quality and on-time delivery. The company had recently announced crossing Rs 59 billion in sales value for the financial year 2023-24, reflecting a 90% increase compared to Rs 31.07 billion in 2022-23. Collections had grown by 60% to Rs 36.09 billion during the financial year. Real estate projects involving the redevelopment of old housing societies and rehabilitation were noted as the cornerstone of the Mumbai region?s property market, given the scarcity of vacant land parcels in the city and its peripheral areas. In July, the government of Maharashtra had stated that a member of a housing society undergoing redevelopment need not pay stamp duty on the allotted permanent accommodation as part of the project. Consequently, the member was expected to pay only Rs 100 as stamp duty, while the principal agreement between the development and the housing society would be charged as per the conveyance. The state government?s decision was anticipated to facilitate the redevelopment of numerous old and dilapidated housing societies across key cities in the state.