Realty firm Puravankara Ltd on Thursday (September 12) said it has acquired the redevelopment rights for Miami Apartments, a prestigious society located in Breach Candy, South Mumbai.

“We write to inform that Puravankara Limited (the Company), in its normal course of business has acquired the redevelopment rights of a prestigious society — Miami Apartments at Breach Candy, South Mumbai, Spread little over 2,000 sq m of land,” the company said in a stock exchange filing.

The site spans over 2,000 square metres, marking Puravankara’s entry into the high-end South Mumbai real estate market. According to market sources, property rates in the area are estimated at ₹1,25,000-1,40,000 per square foot.

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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. This land parcel, adjacent to the Purva Westend project, will have a saleable area of 260,000 square feet.

The project is approximately 100 metres 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 at ₹12,000-14,000 per square feet.

Ashish Puravankara, MD, Puravankara, said, “Our entry into South Mumbai with the redevelopment of Miami Apartments at Breach Candy marks a significant milestone for Puravankara Ltd. This project showcases our commitment to delivering unparalleled luxury and reinforces our vision to create iconic living spaces in the most coveted locations.”

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Shares of Puravankara Ltd ended at ₹430, down by ₹1.85, or 0.43%, on the BSE.