Puravankara Expands into South Mumbai’s Luxury Real Estate Market
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Puravankara Developers, a major developer firm from Bengaluru has recently secured a redevelopment project in Breach Candy South Mumbai. The project is named Miami Housing Society. This area of Mumbai is one of the most affluent and a per square foot price in the area ranges from 1,25,000 Rs to 1,45,000.
Puravankara In South Mumbai Real Estate Growth
The Puravankara In South Mumbai project is a big step for the company. Puravankara has been slowly increasing its presence in key tier-1 real estate markets across India. Ashish Puravankara, Managing Director of Puravankara, sees this as a big opportunity for his company’s growth and prospects in delivering ultra-luxury high-end projects. He said that this project will reinvent the level of luxury in the affluent market of Mumbai. For Puravankara, South Mumbai is a big opportunity to show their expertise in ultra-luxury projects in a market that values exclusive projects.
The Miami Apartments redevelopment is just the beginning of the growth of the company in Mumbai. The company will also be redeveloping four additional housing societies in Andheri West which is another popular residential and commercial hub in Mumbai. In November 2023 Purvankar got the rights to redevelop 2 societies covering approximately three acres of land in the Lokhandwala area of Andheri, Mumbai. These latest acquisitions increase the total redevelopment area of the company to a massive 4.3 acres. Andheri West is another posh area in Mumbai where the prices are also very high.
Puravankara In South Mumbai project is not the company’s only focus. It is also expanding its portfolio in Bengaluru, where it has signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel in Electronics City. This new project is located next to the Purva Westend development and will have a saleable area of 260,000 square feet. Situated just 100 meters from the Kudlu Gate Metro Station, the project enjoys easy access to essential social infrastructure like tech parks, hospitals, and schools. The current market rates in this part of Bengaluru range from ₹12,000 to ₹14,000 per square foot.
CEO of West and Commercial Assets at Puravankara, Mr Rajat Rastogi said that the company is committed to expanding its role in Mumbai’s real estate market. The acquisitions in Breach Candy and Andheri West will establish a stronghold of the company in the Mumbai real estate market and give it a promising future. Rastogi also mentioned that Puravankara’s focus on transparency, and excellence makes it a trusted company for society redevelopment projects.
Puravankara Developers have a clear strategy to be a major developer in India’s top real estate markets. The Puravankara South Mumbai project is the entry of the company into one of the country’s most expensive real estate markets. Parallel to this project, the company has also acquired the rights to redevelop projects in Andheri West and their hometown of Bengaluru.
The launch of Puravankara In South Mumbai is a testament to the ambitions of the company to be one of the best developers in India. The redevelopment of the Miami Housing Project is not just limited to redevelopment but also starts the journey of Puravankara in a new market altogether. Puravankara will not only be changing the skyline of South Mumbai but also developing areas like Andheri West and Lokhandwala.
If you are looking for an opportunity to invest in Mumbai’s expanding luxury real estate market connect with LuxuryResidences today and make your dream come true. Puravankara has established a name in Bengaluru by delivering quality projects to customers in a timely manner . This track record of quality and on-time delivery makes it a trusted company in the industry. With more projects in the pipeline, Puravankara is putting itself on the evolving real estate market of India.
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