Mumbai: With prominent developers entering into agreements to revitalise housing societies and buildings in Mumbai, a transformative wave seems to be sweeping through the real estate landscape of the city. With visionary planning and strategic partnerships, this initiative not only aims to redefine living spaces, but also to cultivate vibrant communities for generations to come.
While Mumbai-based Oberoi Realty will be developing and redeveloping a land in Worli, Bengaluru-based real estate developer, Purvankara Ltd has been appointed as preferred developer for Pali Hill redevelopment project.
In its regulatory filing to the Bombay Stock Exchange on May 6, 2024, Oberoi Realty said that it has entered into an agreement to develop and redevelop the land measuring approximately 12,790 sq meters at Adarsh Nagar in Worli. The land is leased to Maharashtra Housing Area Development Authority (MHADA) and currently, there are seven buildings on the said land with a total of 504 flats.
“The company expects to currently generate a free sale component of around 6.24 lakh sq ft (RERA carpet area) from the development and redevelopment of the said land, as per the extant provisions of Development Control & Promotion Regulations of Greater Mumbai, 2034,” Oberoi Realty said in the regulatory filing.
Earlier, Purvankara had entered into an agreement to develop a residential society in Pali Hill. The project is estimated to have a cumulative development potential of 4.10 lakh sq ft carpet area, with approximately 2.15 lakh sq ft available for sale. According to the company's regulatory filing, this translates to a potential gross development value (GDV) of more than Rs 2,000 crore.
“Pali Hill is a premium address in Bandra (W) with property rates ranging from Rs 1 lakh to Rs 1.20 lakh per sq. ft. Strategically positioned, the residential society is spread slightly over two-and-half acres and is one of the largest in the micro market,” the company said in the regulatory filing dated April 23, 2024. It added that the company is in an advanced stage of discussions for the redevelopment of three to four prestigious housing societies in Mumbai.
The company aims to conclude FY24 by delivering 2,000 units, with a development potential exceeding 2 million square feet (msf) across Bengaluru, Pune, Chennai, and Mumbai, a top company executive said. Purvankara Ltd clocked in its best-ever annual sales in FY24. Annual sales volume for the fiscal grew 90 percent from the previous year's Rs 5,914 crore, while for Q4, it surged 93 percent year-on-year to Rs 1,947 crore.
