South Mumbai Project: A Luxurious Milestone

Bengaluru-based real estate developer Puravankara announced its acquisition of redevelopment rights for the prestigious Miami Apartments located in Breach Candy, South Mumbai. This new project, set in an area known for its high-end real estate with rates between ₹1,25,000 and ₹1,40,000 per sq ft, marks Puravankara’s entry into the ultra-luxury South Mumbai market.

Expanding Horizons: Andheri Developments

Puravankara is also making strides in Mumbai’s Andheri area with plans to redevelop four additional housing societies. In November 2023, the company secured redevelopment rights for two societies in Lokhandwala, totaling approximately three acres. This expansion highlights Puravankara’s growing role in the city’s real estate transformation.

Strategic Moves in Bengaluru

In Bengaluru, Puravankara has signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel in the Electronics City micro-market. Adjacent to the Purva Westend project, this site will offer a saleable area of 260,000 sq ft. The location benefits from proximity to the Kudlu Gate Metro Station and essential amenities, with current market rates between ₹12,000 and ₹14,000 per sq ft.

Leadership Insights

Ashish Puravankara, MD of Puravankara Limited, emphasized the significance of the South Mumbai project, stating it underscores their commitment to luxury and iconic living spaces. Rajat Rastogi, CEO – West and Commercial Assets, highlighted the addition of these new projects as a testament to Puravankara’s dedication to design excellence and market leadership.

Future Outlook

Puravankara continues to focus on acquiring marquee assets in Mumbai Metropolitan Region (MMR) and Pune, strengthening its position as a trusted partner in society redevelopment projects.