Puravankara enters South Mumbai's super luxury real estate market and wins rights to redevelop the project in Breach Candy

By Bricksnwall | 2024-09-13

Aside from the south Mumbai project, Puravankara has signed collaborative development agreements with four housing societies in Andheri and one in Bengaluru.

Puravankara, a Bengaluru-based listed real estate developer, stated on September 12 that it had acquired redevelopment rights to a housing society called Miami Apartments at Breach Candy in South Mumbai.

The company also announced the redevelopment of four more societies in Mumbai's Andheri region, as well as the signing of a joint Development Agreement (JDA) for a 1.95-acre land parcel in Bengaluru's Electronics City. According to the company, this property parcel near the Purva Westend project will be sellable at 260,000 square feet. The South Mumbai Housing Society, which spans 2,000 square metres of land, represents our entry into the uber-luxury South Mumbai market. Rates are estimated in the region of ₹1,25,000 to ₹1,40,000 per sq ft. The business noted in a statement released on September 12.

Puravankara Ltd.'s foray into South Mumbai with the reconstruction of Miami Apartments at Breach Candy represents a key milestone. This project demonstrates our dedication to providing unrivalled luxury and confirms our ambition of creating distinctive living spaces in the most desirable locales. We are excited to bring our expertise to South Mumbai and redefine the standards of luxury living in this prestigious neighbourhood, while also strengthening our presence in other markets. said Ashish Puravankara, MD of Puravankara Limited.

 Puravankara has expanded its reach in the Lokhandwala suburb of Andheri in Mumbai, where it secured redevelopment rights for two societies on around three acres of land in November 2023.

"The addition of new redevelopment projects in Breach Candy and Andheri West expands our portfolio in Mumbai and demonstrates our growing role in the city's real estate transformation.".

Our dedication to design excellence, openness, and timeliness solidifies Puravankara's status as a reliable partner for societal redevelopment initiatives. We will continue to focus on acquiring major assets in MMR and Pune." According to Rajat Rastogi, CEO of Puravankara Limited's West and Commercial Assets.

"In addition to the two societies mentioned above, the company has now been chosen as the preferred developer by a group of four societies with property measuring roughly 1.30 acres, resulting in a huge development with an overall land size of around 4.3 acres. According to industry sources, the expected rate in the micro-market varies between ₹40,000 and 45,000 per sq ft, as stated by the company.

Source: Hindustan Times