Puravankara Expands Bengaluru Footprint with 7-Acre Land Acquisition
Puravankara Limited acquires 7.26-acre land parcel in Hebbagodi, Bengaluru, to develop high-end luxury project with potential GDV of over Rs 900 crore.
Bengaluru Real EstatePuravankaraLuxury ProjectLand AcquisitionGross Development ValueReal Estate NewsJul 02, 2024
Ashish Puravankara, Managing Director of Puravankara Limited, stated that the Hebbagodi market is mature, with limited residential real estate and land supply. The group has added a potential total GDV of Rs. 1,550 crore with the acquisition of landowner share of 820,661 sq ft in Provident Adora De Goa, Provident Botanico, and Provident Capella, along with the 7.26 acres of land in Hebbagodi.
Hebbagodi is strategically located near Electronics City and is well-connected to other parts of the city, making it an attractive location for residential developments. The area is a desirable location for IT professionals working in Electronics City.
In the previous financial year, Puravankara Limited sold around 7.35 million square feet. The company's focus continues to be on business development to replenish its land bank, keeping in mind the future growth plans of the group.
The acquisition is part of the company's plan to acquire 20 million square feet of land by the end of the fiscal year, exploring outright purchases and redevelopment to boost growth, with plans to increase project launches in Mumbai, Bangalore, and Delhi-NCR. The firm has recently acquired a land parcel spanning 12.75 acres in the Patlipada locality in Thane's Ghodbunder Road and Lokhandwala in Mumbai, with a potential total GDV of Rs. 5,500 crores over the project lifecycle.
Puravankara Limited currently has around 31.67 million sq ft of land under development and plans to launch 14 million sq ft in the current financial year. The company's total land bank stood at 36 million square feet as of March 2024.
Information Puravankara Limited is a leading real estate developer in India, with a presence in Bengaluru, Mumbai, and Delhi-NCR. The company has a proven track record of delivering high-quality residential and commercial projects.
Puravankara Limited is a Bengaluru-based real estate developer with a focus on delivering high-quality residential and commercial projects. The company has a strong presence in Bengaluru, Mumbai, and Delhi-NCR, and is known for its commitment to excellence and customer satisfaction.
Frequently Asked Questions
What is the size of the land parcel acquired by Puravankara in Hebbagodi?
The size of the land parcel acquired by Puravankara in Hebbagodi is 7.26 acres.
What is the potential GDV of the project to be developed on the acquired land?
The potential GDV of the project to be developed on the acquired land is over Rs 900 crore.
What is the saleable area of the project?
The saleable area of the project is around 750,000 sq ft.
What is the strategic location of Hebbagodi?
Hebbagodi is strategically located near Electronics City and is well-connected to other parts of the city.
What is the company's plan for land acquisition by the end of the fiscal year?
The company plans to acquire 20 million square feet of land by the end of the fiscal year, exploring outright purchases and redevelopment to boost growth.
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