Puravankara Limited, a prominent real estate developer, has made significant strides in the luxury housing and redevelopment sectors in two major Indian cities: Mumbai and Bengaluru. The company has secured redevelopment rights for key projects in the ultra-premium Breach Candy area of South Mumbai and has also extended its presence in the Andheri area. Additionally, Puravankara has entered into a Joint Development Agreement (JDA) for a prime land parcel in Bengaluru’s Electronics City, marking its growing influence in both cities' real estate landscapes.

Entry into South Mumbai’s Super Luxury Market

Puravankara’s acquisition of redevelopment rights for the prestigious Miami Apartments at Breach Candy marks the developer’s debut into South Mumbai’s high-end real estate market. The Breach Candy redevelopment project, spread over 2,000 sq m, signifies a pivotal moment for the company as it enters one of the most exclusive areas in Mumbai, where market rates range between Rs 1,25,000 and Rs 1,40,000 per sq ft. Ashish Puravankara, Managing Director of Puravankara Limited, emphasized the project’s importance in showcasing the company’s dedication to delivering unparalleled luxury. “This project redefines the standards of luxury living in this coveted neighborhood,” he said.

Expanding Presence in Andheri, Mumbai

Apart from South Mumbai, Puravankara has strengthened its portfolio in the Lokhandwala area of Andheri West. The company had previously acquired redevelopment rights for two societies with a land area of around three acres in November 2023. Recently, Puravankara was selected as the preferred developer for an additional four societies, expanding its redevelopment footprint to a total of 4.3 acres. According to market estimates, rates in the Lokhandwala area range between Rs 40,000 and Rs 45,000 per sq ft. Rajat Rastogi, CEO of West and Commercial Assets at Puravankara, highlighted the company’s commitment to transforming Mumbai’s real estate market, citing their focus on design excellence, transparency, and timely project delivery.

Joint Development in Bengaluru’s Electronics City

In Bengaluru, Puravankara continues to expand its reach with a new Joint Development Agreement for a 1.95-acre land parcel in the Electronics City micro-market. This prime piece of land, located near the Purva Westend project, offers a saleable area of 260,000 sq ft and is strategically positioned just 100 meters from the Kudlu Gate Metro Station. The project benefits from excellent connectivity to tech parks, hospitals, and educational institutions. Current market rates in the area range from Rs 12,000 to Rs 14,000 per sq ft, adding significant value to the development.

With these strategic acquisitions and developments, Puravankara is solidifying its presence in two of India’s most dynamic real estate markets. The company’s expansion into South Mumbai’s luxury housing segment, alongside its continued growth in Andheri and Bengaluru, reflects its commitment to delivering premium real estate solutions while enhancing its portfolio with marquee assets across Mumbai and Pune.