Puravankara extends Mumbai footprint, to redevelop Breach Candy society

This is Puravankara's first project in the south Mumbai market.

Puravankara has acquired the redevelopment rights to the Miami Apartments housing society in the upscale Breach Candy neighbourhood of Mumbai, Bengaluru-based real estate developer has said.

The apartments stand on a 2,000 square metre parcel and the home prices in the neighbourhood are in the range of Rs 1.25 lakh to Rs 1.40 lakh a square foot, Puravankara said in a release on September 12.

"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,” said Rajat Rastogi, chief executive officer, west and commercial assets, Puravankara.

This is Puravankara's first project in the lucrative south Mumbai micro market, where its cross-town rival Prestige Estates Projects Ltd has launched luxury residential projects.

Puravankara entered the Mumbai market in 2023 through redevelopment projects in the Lokhandwala neighbourhood of Andheri (West) and has since extended it’s the area acquiring the rights to redevelop a cluster of four housing societies with a total area of 1.3 acres.

Prevailing market rates in the Lokhandwala neighbourhood are between Rs 40,000 and Rs 45,000 a square foot, Puravankara said, quoting market sources.

"Our commitment to design excellence, transparency and adherence to timelines underscore Puravankara’s position as a trusted partner for society redevelopment projects. We will continue to focus on the acquisition of marquee assets in Mumbai metropolitan region and Pune,” Rastogi said.

Puravankara also announced that it entered into a joint development agreement in its core Bengaluru market to develop a 1.95 acre-land parcel in the Electronics City suburb. The land is next to another of the company's projects, Purva Westend, with a development potential of around 260,000 square feet. Puravankara estimates home prices in the area in the range of Rs 12,000 to Rs 14,000 per square feet.