Puravankara Expands into South Mumbai with Ultra-Luxury Redevelopment

On September 12, 2024, Puravankara Limited acquired the redevelopment rights for Miami Apartments, a prominent society located in Breach Candy. This project, covering around 2,000 square meters, marks the company’s first venture into South Mumbai’s ultra-luxury real estate market. According to market sources, property prices in this area are estimated to range between ₹1,25,000 and ₹1,40,000 per square foot.

Commenting on the strategic announcement, Ashish Puravankara, MD, Puravankara Limited, said, “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.”

Puravankara has also expanded its presence in Lokhandwala, Andheri West. In November 2023, the company acquired redevelopment rights for two societies on land measuring about 3 acres. Recently, it has been chosen as the preferred developer for 4 more societies covering approximately 1.3 acres. This creates a large development project with a total land area of around 4.3 acres. According to market sources, property prices in this area range between ₹40,000 and ₹45,000 per square foot.

In Bengaluru, Puravankara has entered into a Joint Development Agreement (JDA) for a 1.95-acre land parcel in the Electronics City area. This land, located next to the Purva Westend project, will offer 2,60,000 square feet of saleable space. The site is just 100 meters from the Kudlu Gate Metro Station and is well-connected to nearby tech parks, hospitals, and schools. Property prices in this area currently range between ₹12,000 and ₹14,000 per square foot.

About Puravankara Group

Puravankara Group is one of India’s leading real estate companies, based in Bengaluru and operating in 9 cities. Over the past 49 years, the company has created 3 successful residential brands: Purva, Provident Housing Limited (PHL), and Purva Land, which offer a wide range of housing and land development options. In addition to these, Puravankara owns Starworth Infrastructure and Construction Limited (SICL), a subsidiary focused on technology-driven construction solutions. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.