Puravankara Limited has made a significant stride in its redevelopment strategy by acquiring the rights for the redevelopment of the prestigious Miami Apartments in Breach Candy, South Mumbai. Spanning over 2,000 square meters, this acquisition marks Puravankara’s entry into the high-end South Mumbai market, where property rates are estimated between Rs 1,25,000 and Rs 1,40,000 per square foot.
Ashish Puravankara, Managing Director of Puravankara Limited, commented, “Our venture into South Mumbai with the redevelopment of Miami Apartments is a major milestone. This project highlights our commitment to luxury and positions us to create iconic living spaces in one of Mumbai’s most sought-after locales. We are eager to apply our expertise in South Mumbai and enhance our footprint across other markets.”
In addition to its South Mumbai project, Puravankara has expanded its redevelopment activities in Lokhandwala, Andheri West. Following the acquisition of two societies in November 2023, the company has now been selected as the preferred developer for a cluster of four additional societies. This new development, covering approximately 1.30 acres, increases Puravankara’s total land area in the region to around 4.3 acres. Market rates in this micro-market range between Rs 40,000 and Rs 45,000 per square foot.
Rajat Rastogi, CEO – West & Commercial Assets at Puravankara Limited, noted, “The addition of these projects in Breach Candy and Andheri West reinforces our position in Mumbai’s real estate landscape. Our focus on design excellence, transparency, and adherence to project timelines underscores Puravankara’s reputation as a trusted developer. We remain committed to acquiring premium assets in the MMR and Pune markets.”
In Bengaluru, Puravankara has signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel in Electronics City. Adjacent to the Purva Westend project, this new land parcel will feature a saleable area of 260,000 square feet. Located approximately 100 meters from the Kudlu Gate Metro Station, the site offers convenient access to tech parks, hospitals, and schools. Current market rates in the area range from Rs 12,000 to Rs 14,000 per square foot.
