"Puravankara to Redevelop Housing Society in Breach Candy, South Mumbai"

Bengaluru-based real estate developer Puravankara has secured the redevelopment rights for the Miami Apartments located in South Mumbai's upscale Breach Candy. The project, which spans approximately 2,000 square meters, marks Puravankara's debut in the high-end South Mumbai market, where property rates are estimated between ₹1,25,000 and ₹1,40,000 per square foot.

The company has recently expanded its operations in Mumbai, having previously acquired redevelopment rights for two societies on 3 acres of land in Lokhandwala, Andheri West, in November 2023. Puravankara has now been selected as the preferred developer for an additional 1.3 acres, bringing the total project area to 4.3 acres. Property rates in this Andheri West area are estimated between ₹40,000 and ₹45,000 per square foot.

Ashish Puravankara, Managing Director of Puravankara Limited, commented, “Our entry into South Mumbai with the redevelopment of Miami Apartments signifies a major milestone for Puravankara Ltd. This project reflects our dedication to delivering unmatched luxury and our vision to create iconic living spaces in prime locations. We look forward to enhancing the luxury living experience in Breach Candy and reinforcing our presence in other markets.”

Rajat Rastogi, CEO - West & Commercial Assets at Puravankara Limited, added, “The new redevelopment projects in Breach Candy and Andheri West bolster our portfolio in Mumbai and underscore our growing influence in the city’s real estate landscape. We remain focused on acquiring landmark assets in the Mumbai Metropolitan Region and Pune.”

In addition to its Mumbai projects, Puravankara has signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel in Bengaluru’s Electronics City micro-market, adjacent to the Purva Westend project. This parcel, with a saleable area of 260,000 square feet, is located just 100 meters from the Kudlu Gate Metro Station, providing convenient access to tech parks, hospitals, and schools. Market rates in this area range between ₹12,000 and ₹14,000 per square foot.

BS