Bengaluru-based developer Puravankara is expecting about a fifth of revenues coming from western part of the country including Mumbai and Pune in FY25.
The company is expecting a topline of Rs 900 crore from the region across six projects in FY25, said Rajat Rastogi, chief executive -West at Puravankara.
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“Income levels are increasing and people are getting 9-10% salary hikes which is pushing the demand. There is a downward movement in interest rates which will also push up the demand,” Rastogi said.
Due to the higher property prices and large opportunities, companies such as Puravankara, Prestige Estates and others have taken up projects in Mumbai. For Prestige also, the western region is contributing about a fifth of its topline .
Rastogi did not see the current fall in stock markets affecting the residential market in Mumbai but he said if stock markets go down by 7-8%, there will be impact on demand, he said.
In Mumbai, Puravankara is launching projects in Andheri Lokhandwala with gross development value of Rs 2,800 crore, Pali Hill with a GDV of Rs 2,400 crore and Breach Candy with a GDV of Rs 800 crore in Mumbai in FY26 and another project in Thane, Rastogi said.
The company is also launching new phases in Pune with a GDV of Rs 4,800 crore.
“We have robust pipeline in Mumbai and taking up marquee projects ,” Rastogi said.
He said the company sees a big opportunity in redevelopment space in Mumbai and looking at 8-10 proposals and close 2-3 deals in redevelopment .
“Infrastructure is helping redevelopment in Mumbai and the market is doing well,” he said , adding that there are lot of good opportunities for residential buildings to go for redevelopment .
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He said the redevelopment business it requires a lot of effort and time consuming and the approval process is lengthy.
However , he said for the next two to three quarters there is no problem in redevelopment . “Enquiries for redevelopment coming from across the MMR (Mumbai Metropolitan Market), ” he said.
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