Puravankara, the prominent Bengaluru-based real estate developer, has made a strategic foray into South Mumbai’s high-end property market by securing the redevelopment rights for the prestigious Miami Apartments in Breach Candy. This move marks Puravankara’s entry into one of Mumbai’s most exclusive and sought-after locales, where real estate prices are among the highest in the city, ranging between ₹1,25,000 and ₹1,40,000 per square foot.
The announcement, made on September 12, underscores Puravankara’s ambition to redefine luxury living in South Mumbai. The Miami Apartments redevelopment will encompass 2,000 square metres of prime real estate, promising to elevate the company’s presence in a market renowned for its opulence and exclusivity. This project represents a significant milestone for Puravankara, aligning with its vision to create iconic living spaces in the most coveted locations. In addition to the South Mumbai venture, Puravankara has been actively expanding its footprint across other key markets. The developer has entered into joint development agreements for four housing societies in Andheri, a bustling area of Mumbai, and secured rights for a 1.95-acre land parcel in Electronics City, Bengaluru. This parcel, located adjacent to the Purva Westend project, will offer a saleable area of 260,000 square feet.
Puravankara’s expansion strategy also includes the Lokhandwala area in Andheri, where it acquired redevelopment rights for two societies in November 2023. This acquisition, spanning approximately three acres, further strengthens Puravankara’s position in Mumbai’s competitive real estate market. Managing Director of Puravankara Ltd emphasised the significance of their entry into South Mumbai, highlighting the company’s commitment to delivering unparalleled luxury and setting new standards in one of Mumbai’s most prestigious neighbourhoods.
