Puravankara jumps after acquiring redevelopment rights of Miami Apartments in South Mumbai

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 sq. ft.

In addition, the company has further extended its footprint in Lokhandwala, Andheri West, where it had previously (in November 2023) acquired redevelopment rights for two societies with land admeasuring around 3 acres.

In addition to the above two societies, the company has now been selected as the preferred developer by a cluster of four societies with land admeasuring approximately 1.30 acres, creating a large development with an overall land area of around 4.3 acres. As per market sources, the estimated rate in the micro-market ranges anywhere between Rs 40,000 and 45,000 per sq. ft.

Meanwhile, in Bengaluru, the company has signed a joint development agreement (JDA) for a 1.95-acre land parcel at a prime location in the electronics city micro-market. This land parcel, adjacent to the Purva Westend project, will have a saleable area of 260,000 sq ft. The project is approximately 100 metres from the Kudlu Gate Metro Station and enjoys easy accessibility to other social infrastructure like tech parks, hospitals and schools. Currently, the market rates for the locality are between Rs 12,000 and Rs 14,000 per sq ft.

Ashish Puravankara, MD, Puravankara, 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.'

Rajat Rastogi, CEO, West & Commercial Assets, Puravankara, said, '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. 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 MMR and Pune.'

The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brandsurva and Provident, respectively. The group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune.

The company reported consolidated net profit of Rs 15.13 crore in Q1 FY25 as compared with net loss of Rs 17.87 crore posted in Q1 FY24. Revenue from operations surged 103.7% year on year (YoY) to Rs 658.33 crore in the quarter ended 30 June 2024.