Puravankara Limited has expanded its portfolio with new redevelopment projects in Breach Candy and Andheri West, enhancing their role in Mumbai's real estate sector. Rajat Rastogi, CEO - West & Commercial Assets, emphasised the company's commitment to design excellence and timely delivery, reinforcing their reputation as a trusted partner for redevelopment projects. Additionally, in Bengaluru, Puravankara has signed a Joint Development Agreement for a 1.95-acre site in Electronics City, near the Kudlu Gate Metro Station. This project, with a saleable area of 260,000 square feet, is strategically positioned near essential infrastructure, with current market rates ranging from INR 12,000 to INR 14,000 per square foot.
Puravankara Limited has secured the redevelopment rights for the distinguished Miami Apartments located in Breach Candy. Spanning just over 2,000 square metres, this acquisition marks the developer's entrance into the ultra-luxury market of South Mumbai, where property rates are reportedly between INR 125,000 and INR 140,000 per square foot, according to market sources.
Ashish Puravankara, Managing Director of Puravankara Limited, remarked that the company's entry into South Mumbai through the redevelopment of Miami Apartments at Breach Candy was a significant milestone for Puravankara Ltd. He emphasised that the project showcased their commitment to providing unparalleled luxury and underscored their vision of creating iconic living spaces in the most coveted locations. He expressed enthusiasm about applying their expertise in South Mumbai, aiming to set new standards for luxury living in the prestigious neighbourhood while also strengthening their presence in other markets.
Additionally, Puravankara has expanded its footprint in Lokhandwala, Andheri West. In November 2023, the company had previously acquired redevelopment rights for two societies with a combined land area of approximately 3 acres. Now, Puravankara has been chosen as the preferred developer by a cluster of four societies, covering around 1.30 acres, resulting in a total development area of about 4.3 acres. Market sources indicate that the estimated rate in this micro-market ranges between INR 40,000 and INR 45,000 per square foot. The company will continue to focus on acquiring prominent assets in the Mumbai Metropolitan Region (MMR) and Pune.
In Bengaluru, the company has entered into a Joint Development Agreement (JDA) for a 1.95-acre land parcel in the Electronics City micro-market. This parcel, located adjacent to the Purva Westend project, will feature a saleable area of 260,000 square feet. The project is situated approximately 100 metres from the Kudlu Gate Metro Station and benefits from easy access to other social infrastructure such as tech parks, hospitals, and schools. Currently, market rates for the area are between INR 12,000 and INR 14,000 per square foot.
Puravankara Limited's strategic acquisitions and redevelopment initiatives underscore its robust growth trajectory and commitment to transforming key real estate markets. By entering the ultra-luxury segment in South Mumbai and expanding its footprint in both Mumbai and Bengaluru, the company is solidifying its position as a leader in the industry. The focus on design excellence, transparency, and strategic location choices highlights Puravankara's dedication to creating exceptional living spaces and meeting the evolving demands of the real estate sector. As they continue to target high-value assets, Puravankara is poised for continued success and influence in the market.
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