Puravankara Limited, Bengaluru-based listed developer, has strengthened its presence in Mumbai’s luxury real estate market by securing redevelopment rights for a prime 1.43-acre residential society at Malabar Hill.

The project, taken up through its wholly-owned subsidiary Purva Blue Agate Pvt Ltd, offers a development potential of 0.7 million sq ft and a gross development value (GDV) of ₹2,700 crore, marking the company’s second major redevelopment in South Mumbai after Breach Candy.

The company stated that the project will be an exclusive residential enclave that aims to redefine luxury living in the city.

“We are delighted to make our foray into Malabar Hill, one of Mumbai’s most prestigious addresses. This redevelopment project reflects our commitment to creating world-class homes while contributing to the evolving urban fabric of India’s financial capital. With its location, scale, and luxury positioning, this project is in perfect alignment with our strategy of expanding into key strategic markets across the city,” Ashish Puravankara, Managing Director, Puravankara Limited, said.

This will be the second redevelopment project announced by the company in South Mumbai. In September 2024, the company announced that it had secured the redevelopment rights of a housing society named Miami Apartments at Breach Candy in South Mumbai.

The company in July 2025 had announced redevelopment of eight residential societies in Chembur (July 2025), with a development potential of over 1.2 million square feet and an estimated GDV of ₹2,100 crores.

According to Rajat Rastogi, CEO, West and Commercial Assets, Puravankara Limited, the addition of the Malabar Hill project further strengthens the company’s Mumbai portfolio and underscores its role in the city’s redevelopment story.

“This is our second major redevelopment in South Mumbai after the Miami Apartments at Breach Candy. With a sharp focus on design excellence, transparency, and timely delivery, we continue to be the trusted partner for societies embarking on redevelopment. With this acquisition, our redevelopment portfolio in Mumbai now stands at 4.25 million square feet, with a potential GDV of ₹10,500 crores,” Rastogi said.

Over the last two years, Puravankara has announced projects in prime localities like Breach Candy in South Mumbai, Pali Hill in Bandra, and Lokhandwala in Andheri.