September 13, 2024: Puravankara has acquired the redevelopment rights of Miami Apartments at Breach Candy. Spread over 2,000 sqm, this marks the developer’s entry into the uber-luxury South Mumbai market. According to Puravankara, the rates here as per market sources are estimated in the range of Rs 1,25,000 and Rs 1,40,000 per sqft.
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 Ltd. 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.”
Additionally, Puravankara has further extended its footprint in Lokhandwala, Andheri West, where it had in November 2023 acquired redevelopment rights for two societies with land admeasuring around 3 acre. 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 acre, creating a large development with an overall land area of around 4.3 acre.
Going by market sources, the estimated rate in the micro-market ranges anywhere between Rs 40,000 and 45,000 per sqft, the company mentioned in an official 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. 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 sqft. The project is approximately 100 metre 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 sqft, the company mentioned.
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