Puravankara’s Subsidiary Secures ₹311 Crore Construction Contract

Puravankara Ltd has announced that its wholly-owned subsidiary, Starworth Infrastructure & Construction Limited (SICL), has received a Letter of Intent from M/s. Sattva Resi Private Limited. The contract pertains to the construction of a residential project named “Sattva AANGANE” located in East Taluk, Bangalore. The project encompasses an approximate built-up area of 30,36,458 square feet.

The contract value is approximately ₹311 crore. The agreement is structured as an item rate contract, which is a common form of contract in the construction industry where payment is based on the quantity of items completed. The project is expected to be executed over a period of 37 months.

The contract awarded to SICL is from a domestic entity, M/s. Sattva Resi Private Limited, and does not involve any international parties. There are no related party transactions involved in this contract, and the promoter or promoter group of Puravankara Ltd does not have any interest in the entity awarding the contract.

SICL is tasked with the construction of the proposed residential project, which is a significant undertaking given the scale and scope of the project. The project will contribute to the development of residential infrastructure in the Bangalore region.

Sattva Resi Private Limited is engaged in the development of residential projects. The company focuses on delivering quality residential spaces and has been involved in various projects across different regions.

Puravankara Ltd is a prominent real estate developer in India, known for its residential and commercial projects. The company focuses on delivering high-quality real estate solutions and has a significant presence in the Indian real estate market. Its strategic initiatives include expanding its portfolio and enhancing its construction capabilities through its subsidiary, SICL.