Puravankara Ventures into South Mumbai's Luxury Real Estate Market
Puravankara secures redevelopment rights for a housing society in Breach Candy, South Mumbai, and announces joint development agreements for four societies in Andheri and one in Bengaluru
PuravankaraSouth MumbaiLuxury Real EstateRedevelopmentJoint Development AgreementReal Estate MumbaiSep 12, 2024
The project marks a significant milestone for Puravankara Ltd, as it showcases the company's commitment to delivering unparalleled luxury and reinforces its vision to create iconic living spaces in the most coveted locations. The company is excited to bring its expertise to South Mumbai and redefine the standards of luxury living in this prestigious neighborhood.
Apart from the South Mumbai project, Puravankara has entered into joint development agreements for four housing societies in Andheri and one in Bengaluru. The company has also signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel at a prime location in Electronics City in Bengaluru. This land parcel, adjacent to the Purva Westend project, will have a saleable area of 260,000 sq ft.
The addition of new redevelopment projects in Breach Candy and Andheri West further strengthens Puravankara's portfolio in Mumbai and highlights the company's growing role in the city's real estate transformation. The company's commitment to design excellence, transparency, and adherence to timelines underscore its position as a trusted partner for society redevelopment projects.
In Bengaluru, the company has signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel at a prime location in the Electronics City micro-market. The project is approximately 100 meters from the Kudlu Gate Metro Station and enjoys easy accessibility to other social infrastructure like tech parks, hospitals, and schools.
Currently, the market rates for the locality are between Rs. 12,000 and Rs. 14,000 per sq ft. The estimated rate in the micro-market ranges anywhere between Rs. 40,000 and 45,000 per sq ft.
Puravankara has further extended its footprint in the Lokhandwala area of Andheri in Mumbai, where it had in November 2023 acquired redevelopment rights for two societies with land admeasuring around three acres.
Frequently Asked Questions
What is the location of the redevelopment project in South Mumbai?
The redevelopment project is located in Breach Candy, South Mumbai.
What is the size of the land parcel in the Electronics City micro-market in Bengaluru?
The land parcel is 1.95 acres.
What is the estimated rate per sq ft in the micro-market in Andheri West?
The estimated rate per sq ft is between Rs. 40,000 and 45,000.
What is the saleable area of the project in Electronics City in Bengaluru?
The saleable area is 260,000 sq ft.
What is the name of the housing society in Breach Candy that Puravankara has secured redevelopment rights for?
The name of the housing society is Miami Apartments.
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