Bengaluru’s Puravankara, a prominent real estate developer, is gearing up for significant growth, projecting that 20% of its revenue will stem from the western region of India, particularly Mumbai and Pune, in the fiscal year 2025. This ambitious forecast includes an anticipated topline of ₹900 crore from six key projects, as noted by Rajat Rastogi, the Chief Executive for the Western division at Puravankara.

Rising Income Fuels Demand

Rastogi highlighted that increased income levels and salary hikes averaging 9-10% are driving the demand for residential properties. Additionally, a decline in interest rates is expected to further boost this demand.

• Key factors influencing demand:
  • Rising disposable income
  • Salary increments
  • Decreasing interest rates

Despite fluctuations in the stock market, Rastogi remains optimistic about the residential market in Mumbai. However, he acknowledged that a stock market dip of 7-8% could impact buyer demand.

Major Projects on the Horizon

In Mumbai, Puravankara is set to unveil several major projects, including:

• Andheri Lokhandwala with a Gross Development Value (GDV) of ₹2,800 crore
• Pali Hill valued at ₹2,400 crore
• Breach Candy with a GDV of ₹800 crore
• An additional project in Thane

Meanwhile, in Pune, the company is working on new phases with a GDV reaching ₹4,800 crore.

Rastogi emphasized the company’s commitment to executing prestigious projects in Mumbai, stating, “We have a robust pipeline and are actively pursuing marquee developments.”

Focus on Redevelopment Opportunities

Puravankara sees substantial potential in the redevelopment sector in Mumbai and is currently evaluating 8-10 proposals, aiming to finalize 2-3 deals. Rastogi pointed out that infrastructure improvements are facilitating redevelopment efforts, creating ample opportunities for residential projects.

• Challenges in redevelopment:
  • Lengthy approval processes
  • Time-consuming project execution

Despite these challenges, Rastogi assured that the upcoming quarters would not pose significant issues for redevelopment endeavors, with inquiries flooding in from across the Mumbai Metropolitan Region (MMR).

Conclusion

As Puravankara navigates the evolving landscape of the real estate market, the company’s strategic focus on high-value projects and redevelopment in Mumbai and Pune positions it for a promising fiscal 2025. The combination of favorable economic conditions and a robust project pipeline indicates a bright future for this Bengaluru-based developer.