Construction Industry News
Puravankara has secured the redevelopment rights for the prestigious Miami Apartments society at Breach Candy, marking the developer’s entry into South Mumbai’s ultra-luxury market. The property spans over 2,000 sq-m of land, with market rates in the area estimated between Rs 1,25,000 and Rs 1,40,000 per sq-ft, according to industry sources.
Commenting on the strategic announcement, Ashish Puravankara, MD, Puravankara, said, “Our entry into South Mumbai with the redevelopment of Miami Apartments at Breach Candy marks a significant milestone for Puravankara. 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.”
In addition, Puravankara has further extended its footprint in Lokhandwala, Andheri West, where it had previously (in November 2023) acquired redevelopment rights for two societies with land admeasuring around 3 acres. 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 admeasuring 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 45,000 per sq-ft.
“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 on the acquisition of marquee assets in MMR and Pune,” said Rajat Rastogi, CEO – west & commercial assets, Puravankara.
In Bengaluru, the company has signed a joint development agreement (JDA) for a 1.95-acre land parcel at a prime location in the Electronics City micro-market. This land parcel, adjacent to the Purva Westend project, will have a saleable area of 260,000 sq-ft. The project is approximately 100 metres from the Kudlu Gate Metro Station and enjoys easy accessibility to other social infrastructure like tech parks, hospitals and schools. Currently, the market rates for the locality are between Rs 12,000 and Rs. 14,000 per sq-ft.
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