Puravankara re-enters Mumbai with ultra-luxury residential project, invests Rs 450 cr

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March 10, 2021 2:15 AM

“Puravankara has invested almost Rs 450 crore with expected top-line revenue of Rs 800 crore. The development will see four towers with a total of 233 residential unit and one tower of 79 commercial units,” the company said.

The company also plans to launch one project each under its affordable Provident brand in Thane and Pune.The company also plans to launch one project each under its affordable Provident brand in Thane and Pune.

Bengaluru-based Puravankara on Tuesday said it is re-entering the Mumbai market with an ultra-luxury project in suburban Chembur for which the real estate developer has invested Rs 450 crore. The project, Purva Clermont, is part of Puravankara’s WorldHome Collection.

“Puravankara has invested almost Rs 450 crore with expected top-line revenue of Rs 800 crore. The development will see four towers with a total of 233 residential unit and one tower of 79 commercial units,” the company said.

Puravankara managing director, Ashish Puravankara said the last few months have witnessed a steady growth in the luxury housing segment, which is indicative of a shift in post-pandemic consumer behaviour. Leveraging this shift and latent demand, Puravankara believes this is the right time to bring the WorldHome Collection to Mumbai.

“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. On a personal note, I am happy to see our foray back into Mumbai, where it all began in 1975,” said Ashish.

Under the WorldHome Collection, Puravankara offers a range of ultra-luxury homes. The developer has already launched two projects under the collection – Purva Atmosphere in Bengaluru and Purva Somerset in Chennai. Mumbai is its third offering under this range.

“We are in the process of deciding the launch date, but construction will begin in the next 90 days and the project will be completed in the next four years,” said Abhishek Kapoor, chief operating officer, Puravankara. Purva Clermont is located on a freehold 2.25-acre land and it comprises 2, 3, and 4 BHK units with prices in the range of Rs 2 crore to Rs 6 crore, he added.

The company also plans to launch one project each under its affordable Provident brand in Thane and Pune. “Work is on for getting approvals for the Thane project and the total size of it is 1.8 million sq ft. One more launch under the same category is planned for Pune. At present, we have 10 million sq ft already launched in Pune and Mumbai. There are a total of six new launches planned for the western market,” said Ashish.

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