Puravankara to redevelop housing society in South Mumbai's Breach Candy

Bengaluru-based realtor Puravankara has acquired the redevelopment rights of Miami Apartments at Breach Candy. Spread over about 2,000 square metres of land, this marks the developer’s entry into the uber-luxury South Mumbai market, where rates (as per market sources) are estimated in the range of Rs 1,25,000 and Rs 1,40,000 per square foot.

The company has expanded its footprint in Lokhandwala, Andheri West, where it previously acquired redevelopment rights for two societies on 3 acres of land in November 2023. It has now been chosen as the preferred developer for an additional 1.3 acres, forming a 4.3-acre project. Market sources estimate property rates in the area to range between Rs 40,000 and 45,000 per square foot.

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."

"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 Limited.

Furthermore, Puravankara has signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel in Bengaluru's Electronics City micro-market, adjacent to the Purva Westend project. The parcel, with a saleable area of 260,000 square feet, is just 100 metres from the Kudlu Gate Metro Station, offering easy access to tech parks, hospitals, and schools. Current market rates in the area range between Rs 12,000 and Rs 14,000 per square foot.