Puravankara Expands Luxury Footprint with New Projects in South Mumbai and Bengaluru

Puravankara Limited secures redevelopment rights for Miami Apartments in South Mumbai and new projects in Andheri West and Bengaluru. These ventures mark the company's debut in the luxury segment of South Mumbai and further strengthen its presence in key urban areas.

Mumbai (Maharashtra) [India], September 13: Puravankara Limited (NSE: PURVA | BSE: 532891) has gained the redevelopment rights for the prestigious Miami Apartments at Breach Candy. Spanning over 2,000 sq m, this venture signals the developer's entry into the luxury South Mumbai market, where property rates range between Rs 1,25,000 and Rs 1,40,000 per sq. ft.

Commenting on the strategic move, Ashish Puravankara, MD, Puravankara Limited, stated, "Our entry into South Mumbai with the redevelopment of Miami Apartments at Breach Candy marks a significant milestone for Puravankara Ltd. This project underscores our dedication to delivering unparalleled luxury and supports our vision of creating iconic living spaces in premier locations."

Adding to their Mumbai portfolio, Puravankara has secured redevelopment rights for two societies in Lokhandwala, Andheri West, amounting to around 3 acres. They have also been chosen as the preferred developer for an additional cluster of four societies, expanding the land area to 4.3 acres in this micro-market, where property rates are estimated between Rs 40,000 and Rs 45,000 per sq. ft.

Rajat Rastogi, CEO - West & Commercial Assets, Puravankara Limited, commented, "The addition of new projects in Breach Candy and Andheri West amplifies our growing role in Mumbai's real estate transformation and emphasizes our commitment to excellence, transparency, and timely delivery."

In Bengaluru, Puravankara has entered into a Joint Development Agreement (JDA) for a 1.95-acre land parcel in the Electronics City micro-market, adjacent to the Purva Westend project. This site offers a saleable area of 260,000 sq ft and is conveniently located near the Kudlu Gate Metro Station, with market rates between Rs. 12,000 and Rs. 14,000 per sq ft.

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(With inputs from agencies.)