Puravankara Initiates Rs 1300 Crore Joint Development in Bengaluru
Filing Summary
Puravankara Ltd has announced a joint development project on Hennur Road, Bengaluru, with a gross development value (GDV) exceeding Rs 1,300 crore. The project involves developing a 4-acre land parcel, offering approximately 0.84 million square feet of saleable area. This initiative is part of Puravankara’s strategy to expand in key Bengaluru micro-markets. The company has also made other strategic acquisitions in Bengaluru, including a 53.5-acre land parcel in Anekal Taluka and a 24.59-acre parcel at KIADB Hardware Park. The project is expected to be introduced to the market within 6 to 12 months.
Puravankara Ltd has entered into a joint development project on Hennur Road, Bengaluru. The project involves a 4-acre land parcel with a gross development value (GDV) of over Rs 1,300 crore. This development is part of the company’s strategy to expand its presence in key Bengaluru micro-markets.
The financial terms of the project indicate a GDV exceeding Rs 1,300 crore. The project will offer a total saleable area of approximately 0.84 million square feet. This aligns with Puravankara’s approach to leveraging capital-efficient partnerships to enhance its portfolio in high-demand residential corridors.
The scope of the project includes the development of residential units on Hennur Road, which is noted for its proximity to major tech parks and established infrastructure. The location benefits from steady demand due to its connectivity and access to employment hubs. The development will cater to the residential needs of the area, capitalizing on the existing infrastructure and demand.
Puravankara has been actively expanding its footprint in Bengaluru through strategic acquisitions. These include a 53.5-acre land parcel in Anekal Taluka with a development potential of 6.4 million square feet and a GDV of over Rs 4,800 crore. Additionally, the company is developing a 24.59-acre parcel at KIADB Hardware Park in partnership with KVN Property Holdings LLP, with a development potential of 3.48 million square feet and a GDV of over Rs 3,300 crore. Another joint development in Balagere, East Bengaluru, involves a 5.5-acre parcel with a developable area of 0.85 million square feet and a GDV of over Rs 1,000 crore.
The timeline for the Hennur Road project indicates that it is expected to be brought to market within the next 6 to 12 months. This timeline is part of Puravankara’s broader strategy to strengthen its portfolio in Bengaluru through timely and strategic developments.
About Puravankara Ltd: Puravankara Ltd is a prominent real estate developer in India, focusing on residential and commercial projects. The company operates through its brands Puravankara, Provident Housing Limited, and Purva Land, catering to various housing needs. It also has a presence in technology-enabled construction solutions through its subsidiary, Starworth Infrastructure and Construction Limited. The company continues to expand its footprint across major Indian cities, emphasizing strategic growth and development.