Bengaluru-based Puravankara on Tuesday mentioned it is re-getting into the Mumbai market place with an ultra-luxury project in suburban Chembur for which the genuine estate developer has invested Rs 450 crore. The project, Purva Clermont, is portion 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 organization mentioned.
Puravankara managing director, Ashish Puravankara mentioned the final handful of months have witnessed a steady development in the luxury housing segment, which is indicative of a shift in post-pandemic customer behaviour. Leveraging this shift and latent demand, Puravankara believes this is the ideal 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,” mentioned Ashish.
Under the WorldHome Collection, Puravankara presents a variety of ultra-luxury houses. The developer has currently launched two projects below the collection – Purva Atmosphere in Bengaluru and Purva Somerset in Chennai. Mumbai is its third supplying below this variety.
“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,” mentioned Abhishek Kapoor, chief operating officer, Puravankara. Purva Clermont is positioned on a freehold 2.25-acre land and it comprises 2, 3, and 4 BHK units with costs in the variety of Rs 2 crore to Rs 6 crore, he added.
The organization also plans to launch one project every below its cost-effective 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,” mentioned Ashish.