Results for: Redevelopment

Real estate developer Puravankara has announced a major move by acquiring the redevelopment rights for a prominent residential society in Mumbai’s upscale Pali Hill area. The 2.5-acre Deccan Society plot boasts an estimated development potential of 4.10 lakh sq ft, with over 2.15 lakh sq ft available for sale. This project is part of the company’s growing portfolio in Mumbai and Pune, where it is actively pursuing redevelopment opportunities. Puravankara has also achieved strong financial performance, surpassing Rs 5,900 crore in sales value for the fiscal year 2024 (FY24), fueled by increased customer collections of Rs 3,609 crore, a significant increase compared to the previous year. With a focus on delivering world-class quality and timely completion, the company is poised to capitalize on the substantial redevelopment potential in the region.

A significant colony of bank swallows, estimated at around 2,000, faces an uncertain future as plans for the redevelopment of the Byron Gravel Pit, their summer breeding grounds, raise concerns about their habitat. While the development aims to create high-rise residential areas and a public greenspace, the remediation of the steep cliffs where the swallows build their nests may pose a threat. Experts are urging the city council to ensure the preservation of the bank swallow habitat through alternative measures, such as the creation of artificial nesting sites or the identification of a different location within the area.

A project to renovate and redevelop three historic buildings in Springfield, including the iconic Clock Tower, is set to begin next year. The project includes apartments and retail space, and it is expected to be completed by 2026. McCaffery Interests Inc., a Chicago-based firm, has been named the preferred developer for the project.