MUMBAI: Puravankara Limited’s recent acquisition of the redevelopment rights for the esteemed Miami Apartments at Breach Candy signifies a strategic expansion into the elite sector of South Mumbai’s real estate market.
Covering an area of approximately 2,000 square meters, this project not only underscores the developer’s ambition to engage with high-value properties but also demonstrates its commitment to delivering unparalleled luxury in one of India’s most coveted neighbourhoods.
Market estimates indicate that property rates in this area range between Rs1,25,000 and Rs1,40,000 per square foot, reflecting the premium nature of the location and the associated living standards.
Ashish Puravankara, the Managing Director of Puravankara Limited, expressed confidence in this new venture, highlighting that the redevelopment project at Breach Candy represents a pivotal milestone for the company.
He articulated the firm’s intention to create iconic living spaces that align with the expectations of a discerning clientele. The emphasis on luxury living enunciates Puravankara’s vision of redefining real estate standards in South Mumbai, a market known for its affluent demographics and extravagant lifestyle demands.
Lucrative opportunity
The move not only enhances the company’s portfolio but also signifies its dedication to incorporating luxury and sophistication in its forthcoming developments.
Moreover, Puravankara’s strategic forays are not restricted to South Mumbai alone. The company is also solidifying its presence in the Lokhandwala area of Andheri West, where it has previously secured the redevelopment rights for two different societies, amounting to around three acres of land.
The recent acquisition was further complemented by the selection as the preferred developer for a cluster of four additional societies, contributing to an aggregate land area of 4.3 acres.
The micro-market of Lokhandwala is estimated to offer property rates ranging from Rs40,000 to Rs45,000 per square foot, marking a lucrative opportunity for development amid growing demand in the region.
Expanding footprint
Rajat Rastogi, CEO of West & Commercial Assets at Puravankara Limited, emphasized that the addition of these redevelopment projects is indicative of the company’s expanding footprint in Mumbai’s real estate landscape. He expressed that Puravankara is dedicated to design excellence and adherence to timelines, establishing the firm as a credible partner for society redevelopment initiatives.
The strategic focus on the acquisition of marquee assets in the Mumbai Metropolitan Region (MMR) and Pune indicates a long-term vision aimed at leading the real estate transformation in these lucrative markets.
In addition to its endeavours in Mumbai, Puravankara is making strides in Bengaluru, having signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel situated in the Electronics City micro-market.
The site, in proximity to the Purva Westend project and approximately 100 meters from the Kudlu Gate Metro Station, boasts easy access to vital social infrastructure, including tech parks, hospitals, and educational institutions. Current market rates in this locality range from Rs12,000 to Rs14,000 per square foot, presenting further potential for growth and development.
