The redevelopment rights for Breach Candy’s exclusive Miami Apartments have been acquired by Puravankara Limited. Spanning slightly over 2,000 square metres, this acquisition marks the developer’s entrée into the ultra-luxury sector of South Mumbai, where property costs are reportedly between INR 125,000 and INR 140,000 per square foot, according to market sources.
The company’s foray into South Mumbai through the reconstruction of Miami Apartments in Breach Candy, according to Ashish Puravankara, Managing Director of Puravankara Limited, was a noteworthy milestone for Puravankara Ltd. He underlined that the project demonstrated their dedication to offering unmatched luxury and stressed their goal of developing distinctive living spaces in the most sought-after places. He was excited to put their experience to use in South Mumbai, hoping to establish new benchmarks for opulent living in the elite district and bolster their international profile in the process.
Aditionally, Puravankara has increased its presence in Andheri West’s Lokhandwala. The corporation had already purchased the right to redevelop two societies with a total land area of almost three acres in November 2023. Now, Puravankara, which occupies around 1.30 acres, has been selected as the preferred developer by a group of four organisations, making up a total of roughly 4.3 acres of development land. According to market sources, the projected price per square foot in this micromarket is between INR 40,000 and INR 45,000. The business will keep its attention on obtaining notable properties in the Mumbai Metropolitan Region (MMR) and Pune.
Source: Prop News Time
