The acquisition was made through its wholly owned subsidiary, Purva Blue Agate. The project, spread across 1.43 acres, offers a development potential of 0.7 million square feet, aiming to deliver premium new homes for existing residents along with a significant portion earmarked for sale. The estimated revenue potential of the project stands at Rs 2,700 crore, positioning it as a landmark luxury development in South Mumbai.
The company clarified that its promoters, promoter group, and group companies have no interest in the awarding entity and confirmed that the transaction does not qualify as a related party transaction under applicable regulatory norms.
Ashish Puravankara, managing director, Puravankara, said, “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.”
“The addition of Malabar Hill further strengthens our Mumbai portfolio and underscores our growing 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 Rs 10,500 crores,” said Rajat Rastogi, CEO - West & Commercial Assets, Puravankara.
Puravankara, headquartered in Bengaluru, is one of India’s most admired and trusted real estate developers. The company has established three distinct and successful residential brands – Purva, Provident Housing (PHL) and Purva Land, catering to the entire spectrum of housing and plotted development needs.
The company reported net loss of Rs 85.82 crore in Q1 FY26 compared with net loss of Rs 6.59 crore in Q1 FY25. Net sales fell 41.1% YoY to Rs 541.57 crore in Q1 FY26.