Puravankara to Redevelop Mumbai Projects as Paradigm Realty Invests ₹80 Crore

Puravankara has secured redevelopment rights for three residential societies in Mumbai. The projects are located in Bangur Nagar, Goregaon West. The company said the latest deal strengthens its presence in Mumbai’s redevelopment market.

The project spans 4.68 acres and has an estimated developable potential of around 1.05 million sq ft. It carries an estimated gross development value (GDV) of ₹2,600 crore.

With this addition, Puravankara’s Mumbai redevelopment portfolio has an estimated potential GDV of around ₹17,500 crore. The company has been expanding its redevelopment pipeline across established residential locations in the city.

According to The Economic Times, the developer’s latest project is its eighth redevelopment project in Mumbai. The company sees redevelopment as an important part of its growth strategy in the city, where limited land availability continues to shape new housing supply.

Separately, Paradigm Realty plans to invest around ₹80 crore in redeveloping Florencia, a residential building at the foothills of Pali Hill in Bandra. The building is around 30 years old and currently has 19 residential units owned by 10 families.

The Florencia redevelopment covers around 1,300 sq metres. The project has an estimated GDV of approximately ₹350 crore. The completed development is expected to have fewer than 30 residences.

The project is planned to include around 15 to 20 sale residences. These will comprise 3 BHK and larger homes. The redevelopment will also have around 11 rehabilitation residences, each measuring about 1,800 sq ft.

Florencia is currently at the design stage. The planned building will have two apartments on each residential floor. Paradigm Realty expects to launch the project during the current year.

Construction is targeted to begin in FY27. The company expects completion within around 36 months from the start of construction.

The Florencia project is part of Paradigm Realty’s wider redevelopment activity in Mumbai. Its other projects, Paradigm Superstar and Paradigm Green Acrres, together have an estimated development value of around ₹850 crore.

The three projects have a combined estimated development value of about $125 million. Mumbai’s redevelopment market continues to create opportunities for developers as older residential buildings make way for newer housing and upgraded amenities.