Puravankara Launches Luxury Projects in Mumbai, Eyes Gurugram Expansion
BENGALURU: Real estate company Puravankara Ltd is gearing up to launch three luxury residential projects in Mumbai's prestigious neighborhoods of Pali Hill, Malabar Hill, and Breach Candy. These projects, priced at ₹1 lakh per square foot and above, are part of a ₹15,200 crore launch pipeline that the company plans to roll out over the next 10-12 months.
All three projects are society redevelopment initiatives, covering a combined area of 1 million square feet. They will feature three- and four-bedroom apartments, catering to the high-end market. Puravankara, known for its luxury homes under the Purva brand, premium projects under the Provident banner, and plotted developments under Purva Land, has a strong presence in cities like Bengaluru, Hyderabad, Chennai, Kochi, Mumbai, and Pune.
The company's managing director, Ashish Puravankara, highlighted the competitive nature of the Mumbai redevelopment market, stating, “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.”
Developers such as Mahindra Lifespace Developers Ltd, Rustomjee Group, and K Raheja Corp have also joined the redevelopment spree in Mumbai. Under this model, housing societies collaborate with developers to demolish and rebuild their properties into modern, upscale towers. Residents benefit from larger apartments and parking spaces, while developers profit by selling additional units at premium prices.
Puravankara has recorded strong sales in the first three quarters of FY26, clocking ₹3,859 crore, a 9% increase year-on-year. During this period, the company added 12.76 million square feet of potential developable area to its portfolio, with an estimated gross development value of ₹13,900 crore.
Expanding its footprint, Puravankara is now eyeing the Gurugram property market. The company is evaluating both land acquisition and joint development models to enter this rapidly growing luxury residential market. “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,” Ashish Puravankara said.
Gurugram has emerged as India’s fastest-growing luxury residential market, with 1,494 homes priced at ₹10 crore and above sold for ₹24,120 crore in 2025, according to the latest High-End Luxury Housing Report by India Sotheby’s International Realty and CRE Matrix. This surge in luxury housing has raised concerns about market overheating, but the report suggests sustained buyer confidence and strong capital inflows.
Abhishek Kiran Gupta, co-founder and CEO of CRE Matrix, noted, “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.”
Puravankara's strategic expansion into these high-growth markets aligns with its commitment to delivering premium living experiences and capitalizing on the burgeoning demand for luxury housing in India.
