Bengaluru-based listed real estate developer Puravankara on September 12 announced that it has secured redevelopment rights of a housing society named Miami Apartments at Breach Candy in South Mumbai.
The company also announced that it would be redeveloping four more societies in the Andheri area of Mumbai and that it has signed a joint Development agreement (JDA) for a 1.95-acre land parcel at a prime location in Electronics City in Bengaluru. This land parcel, adjacent to the Purva Westend project, will have a saleable area of 260,000 sq ft, the company said.
‘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 sources) are estimated in the range of ₹1,25,000 and ₹1,40,000 per sq ft,’ the company said in the statement issued on September 12.
“Our entry into 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 Puravankara, MD, Puravankara Limited.
Puravankara has further extended its footprint in Lokhandwala area of Andheri in Mumbai where it had in November 2023 acquired redevelopment rights for two societies with land admeasuring around three acres.
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“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 and Commercial Assets, Puravankara Limited.
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“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 ₹40,000 and 45,000 per sq ft, the company added in the statement.
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Bengaluru project
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.
