Puravankara Acquires Miami Apartments Redevelopment Rights in Breach Candy Neighbourhood

Puravankara, Bengaluru-based real estate developer, has made a significant move by acquiring the redevelopment rights for the Miami Apartments housing society in the upscale Breach Candy neighbourhood of South Mumbai. This marks Puravankara’s first foray into the lucrative south Mumbai micro-market, known for its prime real estate and high property values. The development signals a broader push by the company to establish itself in Mumbai’s competitive real estate landscape, particularly in high-end residential projects.

Expansion in Mumbai: A Strategic Move

The acquisition of Miami Apartments marks a milestone for Puravankara, expanding its presence in Mumbai, a city that represents one of India's most important real estate markets. The developer, already prominent in Bengaluru, is keen on building a strong portfolio in the financial capital of India. The Miami Apartments project is located on a 2,000 square metre parcel in Breach Candy, an area known for its elite residents, high property values, and excellent connectivity.

The pricing of homes in Breach Candy ranges between ₹1.25 lakh to ₹1.40 lakh per square foot, making this project highly valuable and catering to a niche segment of high-net-worth individuals (HNIs). The project underscores Puravankara’s focus on premium and luxury real estate, aligning with its broader strategy of tapping into the top-tier residential market in Mumbai.

Redevelopment in Breach Candy and Andheri West

Redevelopment in prime areas like Breach Candy offers significant advantages to developers like Puravankara. It provides an opportunity to rejuvenate aging structures and offer modern, luxurious living spaces to residents in a city where space is scarce. The Miami Apartments redevelopment is expected to be a high-profile project, given the area's historical significance and premium nature.

In addition to the Breach Candy project, Puravankara is also involved in the redevelopment of a housing society in Andheri West. This venture into Andheri West, a rapidly growing suburb, demonstrates the developer’s commitment to expanding its reach in Mumbai’s residential market. Andheri West has evolved into a bustling real estate hotspot, attracting developers due to its proximity to the airport, entertainment hubs, and its growing business district. These two projects — in Breach Candy and Andheri West — reflect Puravankara's diverse strategy of tapping both central and suburban Mumbai markets.

Growing Competition in South Mumbai

The south Mumbai real estate market has always been highly competitive, with only a few developers gaining significant traction in the area. Puravankara’s entry into this micro-market places it in direct competition with established players, including Prestige Estates Projects Ltd, which has launched several luxury residential developments in the region.

Prestige Estates, a fellow Bengaluru-based developer, has a strong foothold in south Mumbai, and its luxury projects have set a benchmark for high-end real estate in the city. With Puravankara now entering the scene, the competition in the premium real estate sector is expected to intensify. Both developers are well-known for their high-quality construction, customer-centric approach, and ability to deliver premium projects that cater to the affluent.

Strengthening Mumbai Portfolio

Rajat Rastogi, Chief Executive Officer, West and Commercial Assets at Puravankara, emphasized that the new redevelopment projects in Breach Candy and Andheri West are key to strengthening the company’s portfolio in Mumbai and reflect its growing role in the city’s ongoing real estate transformation.

Puravankara’s focus on redevelopment is timely, as Mumbai continues to undergo significant urban transformation. The city's older buildings, many of which are dilapidated, are prime targets for redevelopment. This shift not only brings modern infrastructure to residents but also enhances the overall real estate value of these areas. For developers, such projects offer attractive margins, and for residents, they offer the chance to live in newly constructed, high-quality buildings without having to leave their neighbourhoods.

Future Outlook

As Mumbai’s population continues to grow, the demand for high-quality, luxury living spaces remains robust. Puravankara’s strategic entry into South Mumbai, coupled with its existing projects in suburban areas, positions the company well to capture a significant share of this demand. The redevelopment of Miami Apartments is just the beginning of what is expected to be a larger push by the developer into Mumbai’s premium real estate market.

Image source- puravankara.com