PURAVANKARA MIAMI BY PURVA — New Project Coming Up in Breach Candy, Mumbai
Puravankara Enters South Mumbai with Breach Candy Redevelopment
Puravankara announced in September 2024 that it has secured redevelopment rights of a housing society named Miami Apartments at Breach Candy in South Mumbai. This marks the Bengaluru-listed developer's first foray into one of India's most exclusive residential markets.
Project Scope and Configuration
The project offers a limited collection of 3, 4, and 5 BHK residences, with the project situated on approximately 2,000 square metres of prime real estate. The development has been RERA-registered with number PR1170002600857.
This is a society redevelopment, where the development will replace the iconic Miami Apartments, a former residential property. Redevelopment projects in old South Mumbai buildings typically involve rehousing existing society members alongside new sale inventory, which affects timelines, approvals, and the eventual unit mix.
Timeline and Delivery
Possession is expected by June 2032.
Location and Connectivity
Breach Candy is one of southern Mumbai's most upscale residential localities located on the southwestern tip of Mumbai. The area is well-connected through major roads such as Peddar Road, Bhulabhai Desai Road, and Nepean Sea Road. Mumbai Central Railway Station is nearby, making train travel accessible for residents. The location lies 21 kilometers south of Chhatrapati Shivaji International Airport and just 2 kilometers from the Mumbai Central station.
The area is home to many notable landmarks, including the Arabian Sea, Haji Ali Dargah, and Breach Candy Hospital. The project gains from close proximity to important locations such Marine Drive, Worli Sea Face, and Nariman Point.
Developer Track Record
Founded in 1975, Puravankara Limited is one of India's most admired and trusted developers among the top real estate companies in India. As per the developer's filings and ICRA's assessment, the group has developed over 51.5 million sq ft of saleable area, with 93 completed projects across Bengaluru, Chennai, Hyderabad, Kochi, Pune, Mumbai, Goa, Coimbatore, and Mangaluru. The company is officially listed on both the BSE and NSE stock exchanges.
Puravankara has been ISO 9001-certified by DNV since 1998 and carries a CRISIL DA2+ rating, reflecting outstanding developer standards in construction quality and financial discipline.
Market Significance
For a developer that built its reputation over four-and-a-half decades primarily in Bangalore, Chennai, Kochi, and Pune, choosing Breach Candy as its South Mumbai flagship signals significant ambition in the luxury market. The area boasts some of the highest real estate prices in the country. Market sources estimate real estate rates in the range of 1,25,000 to 1,40,000 per square foot.