Puravankara re-enters Mumbai with Rs 450 crore ultra-luxury project

Bengaluru: Real estate conglomerate Puravankara Ltd has launched its first ultra-luxury project in Mumbai, marking its re-entry in the city and its maiden foray in the Mumbai Metropolitan Region (MMR).

The company said it invested almost Rs 450 crore with an expected top-line revenue of Rs 800 crore. The development will see four towers with a total of 233 residential units and one tower of 79 commercial units. Puravankara said the last few months have witnessed a steady growth in the luxury housing segment which is indicative of a shift in the post-pandemic consumer behaviour.

(Purva Atmosphere, Bengaluru)

“The gradual recovery in economy has revived demand within the real estate sector. We strongly believe that the current landscape is ideal for us to strengthen our presence in Mumbai, which is one of the fastest-growing real estate markets in the country,” said Managing Director Ashish R Puravankara.

(Purva Somerset, Chennai)

The company has launched two projects under the World Home Collection: Purva Atmosphere in Bengaluru and Purva Somerset in Chennai. Now Purva Clermont in Mumbai is the third offering in this range.
The company has completed 74 projects measuring over 42 million square feet and over 22 million square feet of area is under development. The total land asset is nearing 67 million square feet.