Puravankara Unveils 12-13 Million Sq Ft of Luxury Housing Projects in Key Indian Cities

Puravankara, a leading real estate developer based in Bengaluru, is set to unveil an ambitious expansion in the residential segment. The company plans to launch 12-13 million sq ft of residential projects across key Indian cities, including Bengaluru, Mumbai, Kochi, and Coimbatore. These projects will primarily focus on high-end, luxury, and ultra-luxury homes, with unit prices starting from ₹1.4 crore.

The housing market in Bengaluru is experiencing a significant shift in consumer preferences. According to Mallanna Sasalu, CEO, South, Puravankara Ltd, the ₹1-2 crore bracket is now the sweet spot for residential demand, effectively becoming the premium segment. 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 facing regulatory issues that led to the non-launch of new projects during the year, Puravankara has shown strong sales in FY26. The company registered almost ₹3,859 crore in pre-sales during the first nine months of FY26, generated solely through existing projects, especially during the festive season. The company faced challenges due to administrative transitions in Bengaluru, such as khata and registration bottlenecks, and the restructuring of the governance framework due to the creation of the Greater Bengaluru Authority.

However, the approvals environment has started to stabilize over the last two quarters, and Puravankara expects to bring a launch pipeline of around ₹13,000 crore to market during the current financial year. 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 the average selling price going up. While the entry-level units will be priced starting 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 concentrate on the luxury segment, while Provident Housing will focus 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 in Mumbai is expected to bring 44,277 residential units worth ₹1.30 lakh crore to the 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 highlights that Borivali, Andheri, and Bandra micro-markets are the leading 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 steadily improve and demand in the premium and luxury segments remains strong, the company is well-positioned to capitalize on these trends.