Puravankara re-enters Mumbai with its first ultra-luxury project, to invest Rs 450 crore

The project in the Mumbai Metropolitan Region (MMR) in Chembur is called Purva Clermont and is part of Puravankara's ultra-luxury category under the WorldHome Collection. It is located on a freehold 2.25 acre land parcel.

Kicking off its national expansion plan, Puravankara has launched its first ultra-luxury project in Mumbai and has 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.

The project in the Mumbai Metropolitan Region (MMR) in Chembur is called Purva Clermont and is part of its ultra-luxury category under the WorldHome Collection. It is located on a freehold 2.25 acre land parcel.

“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," the company's COO Abhishek Kapoor said, adding the project comprises of 2, 3, and 4 BHKs priced between Rs 2 crore to Rs 6 crore.”

Through the project, the company aims to provide sustainable, futuristic, and exclusive homes designed by world-renowned architects.

Andy Fischer has designed the clubhouse.

“The gradual recovery of the economy has revived the 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 largest growing real estate markets in the country. Our new project will be an extension of our larger vision and a step towards creating a new landmark in the city of dreams. On a personal note, I am happy to see our foray back into Mumbai, where it all began in 1975,” said Ashish R. Puravankara, Managing Director, Puravankara.

WorldHome Collection is the new range of ultra-luxury homes by Puravankara. The company has launched two projects under the World Home Collection, namely - Purva Atmosphere in Bengaluru and Purva Somerset in Chennai - and now Purva Clermont in Mumbai is their third offering in this range.

Puravankara is a real estate conglomerate, headquartered in Bengaluru, with a pan-India presence. In the last four decades (46 years), the company has established two distinct and successful brands. The flagship brand Puravankara caters to the premium end of the spectrum, while Provident Housing is positioned in the premium affordable segment.

The company has completed 74 projects measuring over 42 million sq ft and over 22 million sq ft of projects are under development. Currently, the total land asset of the company is nearing 67 million sq ft. It sold .91 mn sq ft of space during the COVID-19 pandemic which is the highest in case of existing ongoing projects.

“Since the last 9 months, the company has sold close to 2.4 mn sq ft,” Puravankara said.

As for future launches, the company plans to launch one project under its affordable Provident brand in Thane and one in Pune. “Hopefully the next launch should be in Thane which will be under the Provident brand. We are currently working on approvals. The total project size is 1.8 million sq ft. One more launch under the category is planned for Pune,” he said.

“We currently have 10 mn sq ft already launched in Pune and Mumbai. There are a total of six new launches planned for the western market," he added.

Source: https://www.moneycontrol.com/news/business/real-estate/puravankara-re-enters-mumbai-with-its-first-ultra-luxury-project-to-invest-rs-450-crore-6624571.html

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