Puravankara Expands with 12-13 Million Sq Ft of Luxury Housing in Major Cities

Puravankara, a Bangalore-based stock market-listed real estate company, is gearing up for an ambitious expansion by unveiling 12-13 million sq ft of residential housing projects in top Indian cities, including Bengaluru, Mumbai, Kochi, and Coimbatore. The company's senior executives have shared details of this significant move, which focuses on high-end, luxury, and ultra-luxury segments with unit prices starting from ₹1.4 crore to ₹13 crore.

The housing market in Bengaluru is witnessing a notable shift in consumer preferences. CEO, South, Puravankara Ltd, Mallanna Sasalu, highlighted that the ₹1–2 crore bracket is now the sweet spot for residential demand, effectively becoming the premium segment. He added that the traditional definition of mid-income housing has also shifted upward, with the new mid-segment now in the ₹70 lakh–₹1.2 crore range. This shift is driven by rising per-capita incomes and sustained migration into India’s technology hubs.

Despite regulatory and administrative bottlenecks that caused delays in new project launches, Puravankara has demonstrated strong sales in FY26. The company registered almost ₹3,859 crore in pre-sales during the first nine months of FY26, primarily through existing projects, especially during the festive season. The delays were attributed to administrative transitions in Bengaluru, such as khata and registration bottlenecks, and the restructuring of the governance framework with the creation of the Greater Bengaluru Authority. However, Sasalu stated that the approvals environment has started to stabilize over the last two quarters, which will help in the revival of launches.

Puravankara expects to bring a launch pipeline of around ₹13,000 crore to the market during the current financial year, with approvals currently underway. The city-wise breakdown of the proposed 12-13 million sq ft launch pipeline includes:

- Bengaluru: ~8 million sq ft - Kochi: ~1.4 million sq ft - Coimbatore: ~1.25 million sq ft - Mumbai: ~1 million sq ft

These launches will largely be high-rise apartment developments, including gated communities with 800–1,200 units. Most of the new projects will be priced at more than ₹11,000 per sq ft, resulting in an increase in average selling prices. While the entry-level units will start from around ₹1.4 crore, the ultra-luxury segments in Bengaluru and Mumbai are anticipated to be significantly more expensive.

In Mumbai, Puravankara is concentrating on high-profile projects mainly through redevelopment schemes. The company has a redevelopment pipeline of around 4.38 million sq ft in five projects, with a potential for development of over ₹10,500 crore. The second of the two upcoming redevelopment launches is expected to happen later this year. Strategy-wise, the Puravankara brand will focus on the luxury segment, while Provident Housing will concentrate on large-format townships and peripheral projects, mainly in the ₹7,500 per sq ft segment. A new Provident project is also scheduled to be launched next year.

According to Knight Frank India's report, the redevelopment segment is expected to bring 44,277 residential units worth ₹1.30 lakh crore to Mumbai's real estate market by 2030. Stamp duty and Goods and Services Tax (GST) from the free-sale component of society redevelopments are estimated to be around ₹7,830 crore and ₹6,525 crore, respectively. The report reveals that 910 housing societies have entered into development agreements (DAs) since 2020, unveiling nearly 326.8 acres (1.32 million sq m) of potential land area within Mumbai based on Floor Space Index (FSI) norms and the average unit sizes across various regions. Borivali, Andheri, and Bandra micro markets are the leading three redevelopment locations with a cumulative area of over 139 acres.

Puravankara's growth strategies reflect the fundamental change in India's urban housing market towards bigger homes and aspirational lifestyles. As approvals become more stable and demand in the premium and luxury segments remains strong, the company is well-positioned to capitalize on these trends.