Puravankara Projects to foray back into Mumbai realty market

The company has signed a deal with Maharashtra Steel Rolling Mills to develop residential project on 2-acre plot

Bengaluru-based real estate developer Puravankara Projects Limited is returning to Mumbai with a new project in the Bhandup area. The company has struck a deal with the Maharashtra Steel Rolling Mills (MSRM) to develop a residential project.

Puravankara has entered into a joint development agreement with MSRM to develop a two-acre land parcel in Bhandup suburb of Mumbai. With this, the company will make a re-entry into Mumbai's property market, the company said in a filing to the BSE.

"We have concluded the transaction and are currently planning and conceptualising the project. It would be a residential project and will be launched as soon as we have all the clearances. We estimate a topline of about Rs 400 crore as the Bhandup suburb has a very high potential," Ashish Puravankara, joint managing director, Puravankara Projects Ltd said.

Puravankara Projects has a presence in Bengaluru, Chennai, Coimbatore, Hyderabad, Kochi and Mysuru. The company has 25.52 million sq ft of projects under development with additional 79.83 million sq ft in projected development over the next 7-10 years.

In November 2014, the company had announced a joint venture deal with the Pune-based Oxford Group and Mumbai-based Ekta World to develop nearly 30 acres of prime residential land in Mundhwa, Pune. The development would yield an expected 2 million square feet of prime residential development. The deal was structured by JLL’s Capital Markets division.