Puravankara wins redevelopment project in South Mumbai

Puravankara has acquired the redevelopment rights of a prestigious society ' Miami Apartments at Breach Candy. Spread little over ~2,000 sq m 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 sq. ft.

In addition, Puravankara 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.