Mumbai's real estate market has been witnessing increased activity in the housing society redevelopment space with even developers from other cities such as Bengaluru picking up old buildings in the land-starved city to redevelop them into modern apartments. This is primarily because there are several buildings that are old enough to require a facelift and major real estate firms have the financial wherewithal to execute such projects. Bengaluru-based listed real estate developer Puravankara Limited announced last week that it has secured redevelopment rights of a housing society named Miami Apartments at Breach Candy in South Mumbai.
The company also announced that it would be redeveloping four more societies in the Andheri area of Mumbai. The apartments are located on a 2,000 square metre parcel and prices in the area are in the range of ₹ 1.25 lakh to ₹ 1.
40 lakh a square foot, Puravankara said in a release on September 12. House of Hiranandani also announced last week that it has entered into development agreements with five major housing societies in Mumbai's Chembur area and plans to invest ₹ 3200 crore for the same. The company has presence in Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad and Chennai.
The company said it has signed additional redevelopment projects of 17 lakh square feet with a GDV (Gross Development Value) of ₹ 5,000 crore. "The company has entered into registered development agreements with five major housing societies in Chembur and.