Puravankara Group, a Bangalore-based developer forays into Mumbai real estate with a redevelopment project. The company announced securing a redevelopment deal for a housing society ‘Miami Apartments’ in Breach Candy, South Mumbai.
The developer also has four redevelopment projects in Andheri. Puravankara signed a JDA (joint development agreement) for 1.95 acres of land in Electronic City, Bangalore. It is a land parcel adjacent to Purva Westend with a saleable area of 260,000 sq ft, the company informed.
‘The South Mumbai housing society is spread over 2,000 sq m of land, marks our entry into the uber-luxury South Mumbai market, where rates (as per market) are estimated in the range of Rs.1,25,000 and Rs.1,40,000 per sq ft,’ the company said in the statement issued recently.
“Our entry in South Mumbai with the redevelopment of Miami Apartments at Breach Candy marks a significant milestone for Puravankara Ltd. This project showcases our commitment to delivering unparalleled luxury and reinforces our vision to create iconic living spaces in the most coveted locations. We are excited to bring our expertise to South Mumbai and redefine the standards of luxury living in this prestigious neighbourhood, while strengthening our presence in other markets,” said Ashish Purvankara, MD, Puravankara Limited.
Since 2023, Puravankara Group expanded its footprint in Mumbai’s prominent locations like Lokhandwala. Here, the developer secured rights to redevelop two societies in approximately three acres of area.
“In addition to the above two societies, the company has now been selected as the preferred developer by a cluster of four societies with land measuring approximately 1.30 acres, creating a large development with an overall land area of around 4.3 acres. As per market sources, the estimated rate in the micro-market ranges anywhere between Rs. 40,000 and Rs. 45,000 per sq ft” the company said in the statement.
“The addition of new redevelopment projects in Breach Candy and Andheri West further strengthens our portfolio in Mumbai and highlights our growing role in the city’s real estate transformation. Our commitment to design excellence, transparency, and adherence to timelines underscore Puravankara’s position as a trusted partner for society redevelopment projects. We will continue to focus the acquisition of marquee assets in MMR and Pune,” said Rajat Rastogi, CEO –West and Commercial Assets, Puravankara Group.
