New Launch
Puravankara Acquires Malabar Hill Redevelopment Rights: ₹2,700 Crore Ultra-Luxury Project
Bengaluru-based listed developer Puravankara Limited announced the acquisition of redevelopment rights for a premium residential society in Malabar Hill, one of South Mumbai's most coveted addresses. The wholly-owned subsidiary, Purva Blue Agate Pvt Ltd, has secured redevelopment rights for a residential project with a gross development value (GDV) potential of ₹2,700 crore.
| Developer | Puravankara Limited (via wholly-owned subsidiary Purva Blue Agate Pvt Ltd) |
|---|---|
| Location | Malabar Hill, South Mumbai, spanning 1.43 acres |
| Development Potential | 700,000 sq ft |
| Gross Development Value | ₹27 billion (₹2,700 crore) |
| Project Type | Ultra-premium 3 BHK and 4 BHK flats |
| Expected Unit Count | 200–280 ultra-luxury residential units across 3, 4, and 5 BHK configurations |
| Status (as of September 2026) | RERA filing and formal launch are still pending |
| Possession Timeline | Not yet documented; pending RERA filing |
| Market Context | Malabar Hill's carpet price ranges between ₹85,000 and ₹1,80,000 per sq ft |
Project Details and Scope
The redevelopment project, located in Malabar Hill's residential heart, carries a GDV potential of ₹2,700 crore. The 1.43-acre project offers a development potential of 0.7 million square feet, providing new, premium homes for existing residents while also creating a substantial portion for sale. The project will likely deliver 200–280 ultra-luxury residential units across 3, 4, and 5 BHK configurations, with carpet areas expected to range from 1,200–1,500 sq ft for 3 BHK to 2,000–3,000+ sq ft for 5 BHK penthouses.
Regulatory Status
RERA filing and formal launch are still pending as of September 2026, meaning unit-level pricing and configuration details remain under wraps. Puravankara's sister project Miami by Purva at Breach Candy achieved RERA registration in June 2026 and targets ₹80,000–₹1,00,000 per sq ft. The Malabar Hill project timeline for RERA registration and launch has not been publicly announced.
Strategic Importance to Puravankara
This is the second major redevelopment venture announced by the company in South Mumbai, following Puravankara's acquisition in September 2024 of redevelopment rights for Miami Apartments at Breach Candy. The Malabar Hill acquisition further strengthens the company's Mumbai redevelopment portfolio, bringing the total potential in the city to 4.25 million sq ft and an aggregate GDV of ₹105 billion. In July 2025, the company also launched redevelopment for eight residential societies in Chembur, with a total development potential of over 1.2 million sq ft and a GDV of ₹21 billion.
Malabar Hill: Locality Profile
Malabar Hill has a history of hosting homes for rich and powerful families and is known for world-class social amenities and state-of-the-art infrastructure. The locality is connected to mainland Mumbai through Napean Sea Road and is surrounded by the Arabian Sea and the seaside Chowpatty. South Mumbai's Malabar Hill is undergoing a significant transformation with the redevelopment of colonial-era bungalows into ultra-luxury residential towers, with approximately ten marketable projects by developers like Lodha Group and Birla Estates underway.
Carpet prices in the Malabar Hill area range between ₹85,000 and ₹1,80,000 per sq ft, depending on location, amenities, and developer brand. As of April 2025–March 2026, government registered rates stand at ₹64,600 per sq ft, with asking prices around ₹92,350 per sq ft.
Infrastructure and Connectivity
Major business hubs, including Nariman Point, Lower Parel, BKC and Fort, are nearby, appealing to working professionals. Recent infrastructure developments in South Mumbai, such as the Mumbai Coastal Road, are expected to improve connectivity to the area where the city's affluent residents reside.
Frequently asked questions
When will RERA registration and project launch occur?
RERA filing and formal launch are still pending as of September 2026. No official timeline has been announced by Puravankara. Based on the company's trajectory with Miami by Purva (registered June 2026), RERA filing may occur within 9–12 months of acquisition.
What possession timeline is expected?
Possession timeline has not been documented. Redevelopment projects of this scale typically span 5–7 years from regulatory approval to completion, but timelines depend on society approvals, land clearance, and construction pace.
How does this project compare to other Malabar Hill developments?
Direct competitors include Miami by Purva (Breach Candy, RERA-filed, similar GDV), Oberoi Nepean Sea Road, and ongoing Chembur redevelopments. Malabar Hill's advantage is its unmatched pedigree as home to Mumbai's top industrialists and celebrities for 80+ years—unparalleled social positioning.
What configurations will be offered?
The project will likely deliver 200–280 ultra-luxury residential units across 3, 4, and 5 BHK configurations, with carpet areas ranging from 1,200–1,500 sq ft for 3 BHK to 2,000–3,000+ sq ft for 5 BHK penthouses.
What is the expected price range?
Expect comparable per-sq-ft pricing in the ₹80,000–₹1,20,000 range, based on Puravankara's ultra-luxury portfolio and Malabar Hill's market positioning. Absolute prices may range from ₹2.4 crore to ₹10+ crore depending on unit size and amenities.
Is this a redevelopment or new construction?
This is a redevelopment project. The project provides new, premium homes for existing residents while also creating a substantial portion for sale. Existing residents of the society will receive new homes in the redeveloped structure.