BENGALURU: Real estate company Puravankara Ltd plans to launch three luxury residential projects in Mumbai's upmarket neighbourhoods of Pali Hill, Malabar Hill and Breach Candy, with homes priced at ₹1 lakh per square foot and above, a top company executive said.
All three are society redevelopment projects and are part of a ₹15,200 crore launch pipeline spanning 15.46 million sq ft that the company plans to roll out across cities such as Bengaluru, Kochi and Mumbai over the next 10-12 months.
In addition to the three luxury projects, it has three more premium launches planned in Mumbai.
The Bengaluru-based company sells luxury homes under the Purva brand, premium projects under the Provident banner and plotted developments under Purva Land. Besides its home market, Puravankara has projects in Hyderabad, Chennai and Kochi in southern India, as well as Mumbai and Pune in the west.
The three luxury redevelopment projects will have a combined area of 1 million sq ft, with three- and four-bedroom apartments.
“There are many opportunities in the society redevelopment space in Mumbai, but it has also become very competitive. Besides Mumbai, we are currently evaluating two land opportunities in Navi Mumbai and three such transactions in Pune,” managing director Ashish Puravankara said in an interview.
Developers such as Mahindra Lifespace Developers Ltd, Rustomjee Group and K Raheja Corp. have also joined Mumbai's ongoing redevelopment spree. Under the redevelopment route, housing societies tie up with developers, who demolish and rebuild them as swankier towers with more apartments. Residents get larger apartments and parking lots for free, while the builder profits by selling additional flats to new buyers at a higher price.
Puravankara clocked ₹3,859 crore of sales in the first three quarters of FY26, up 9% on a year-on-year basis. In the same period, it added 12.76 million sq ft of potential developable area to its portfolio with an estimated gross development value of ₹13,900 crore.
Next stop: Gurugram
After expanding in new markets such as Mumbai, Puravankara is eyeing the Gurugram property market, evaluating both land acquisition and joint development models.
“As the launches roll out in Mumbai, we are exploring Gurugram as the next new market for us. We believe in the right project at the right price,” Puravankara said.
Mumbai developers Lodha Developers Ltd and Oberoi Realty Ltd are also entering Gurugram and are gearing up to launch their first projects.
Gurugram emerged as India’s fastest-growing luxury residential market, selling 1,494 homes priced at ₹10 crore and above for ₹24,120 crore in 2025, according to the latest High-End Luxury Housing Report released by India Sotheby’s International Realty and CRE Matrix. The surge in luxury housing has also led to concerns that the Gurugram market is overheated.
The Sotheby's-CRE Matrix report said Gurugram outpaced Mumbai in total sales value of luxury homes priced ₹10 crore and above last year. In 2025, Mumbai recorded sales of ₹21,902 crore in the same price category.
Abhishek Kiran Gupta, co-founder and chief executive officer of CRE Matrix, said, “The nearly 10-fold growth in the luxury segment over the past two years underscores sustained buyer confidence, strong capital inflows and the expanding base of high-net-worth individuals."