Puravankara has secured redevelopment rights for three residential societies in Goregaon West, Mumbai, in a project with a gross development value of Rs 2,600 crore and an estimated developable potential of approximately 1.05 million square feet.
The 4.68-acre project is the Bengaluru-based developer’s eighth redevelopment project in Mumbai, according to a company statement issued on Thursday. The transaction expands Puravankara’s Mumbai redevelopment portfolio to a potential gross development value of approximately Rs 17,500 crore.
The project is located in Goregaon West, an established residential market in Mumbai’s western suburbs. Puravankara said the locality has connectivity to key business districts and access to social infrastructure, making it a significant redevelopment location within the city’s existing urban fabric.
Ashish Puravankara, managing director of Puravankara, said redevelopment was an important pillar of the company’s Mumbai growth strategy. He said the company’s eighth redevelopment project reflected the momentum it had built in the city and the confidence homebuyers were placing in its brand.
“Our eighth redevelopment project reflects the momentum we have built in Mumbai and the confidence homebuyers are placing in our brand,” Puravankara said. He added that the company saw an opportunity to build a scaled redevelopment platform in Mumbai, supported by disciplined capital allocation, execution and a long-term approach to value creation.
Redevelopment projects in Mumbai typically involve replacing older residential societies with new buildings while reorganising the use of already urbanised land. For existing residents, the process is tied to the redevelopment agreement, project execution and the delivery of replacement homes. The company statement did not disclose the number of existing homes, the proposed building configuration, construction timeline, rehabilitation terms or the expected possession schedule for the Goregaon West project.
Rajat Rastogi, chief executive officer for West and commercial assets at Puravankara, said the company’s Mumbai redevelopment portfolio included projects in Breach Candy, Pali Hill, Lokhandwala, Malabar Hill and Cuffe Parade, in addition to Goregaon West. He described the company’s approach as focused on design, quality, transparency and the communities involved in its projects.
The announcement comes as redevelopment becomes an increasingly important route for adding housing supply in established Mumbai neighbourhoods where vacant land is limited. It also places greater importance on coordination between developers, housing societies and public authorities, although the company’s statement did not provide project-specific details on approvals, financing or implementation milestones.
Property prices in the wider Bangur Nagar area were around Rs 35,500 per square foot for flats as of August 2026, according to data cited from proptech platform 99acres. The platform reported that flat rates in Bangur Nagar had increased by 2.2 per cent over the previous year, 36.8 per cent over five years and 43.4 per cent over 10 years.
Puravankara’s next project milestones, including approvals, construction plans, resident transition arrangements and the implementation timeline, were not specified in the company’s statement.
