Bengaluru-based listed real estate developer Puravankara announced that it had secured redevelopment rights for a housing society named Miami Apartments in Breach Candy, South Mumbai. The company also revealed plans to redevelop four additional societies in the Andheri area of Mumbai and had signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel in a prime location in Electronics City, Bengaluru. This land parcel, adjacent to the Purva Westend project, was expected to have a saleable area of 260,000 sq ft, according to the company's statement.

The company indicated that the South Mumbai housing society, which spans 2,000 sq m of land, marks its entry into the ultra-luxury market of South Mumbai, where rates are estimated to be between Rs 1,25,000 and Rs 1,40,000 per sq ft.

Ashish Puravankara, MD of Puravankara, mentioned that the entry into South Mumbai with the redevelopment of Miami Apartments at Breach Candy was a significant milestone for the company. He stated that the project demonstrates their commitment to delivering unparalleled luxury and aligns with their vision of creating iconic living spaces in coveted locations. He expressed excitement about bringing their expertise to South Mumbai and redefining luxury living standards in the prestigious neighbourhood while also strengthening their presence in other markets.

Puravankara also expanded its footprint in the Lokhandwala area of Andheri, Mumbai, where it had acquired redevelopment rights for two societies with land measuring approximately three acres in November 2023.

Rajat Rastogi, CEO - West and Commercial Assets at Puravankara, noted that the addition of new redevelopment projects in Breach Candy and Andheri West further strengthened their portfolio in Mumbai and highlighted their growing role in the city’s real estate transformation. He emphasized the company's commitment to design excellence, transparency, and adherence to timelines, which underscores Puravankara’s position as a trusted partner for society redevelopment projects. Rastogi also mentioned that the company would continue to focus on acquiring marquee assets in the MMR and Pune regions.