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Puravankara acquires 7-acre land parcel in Bengaluru to develop housing project worth ₹900 crore
Bengaluru-based Puravankara Ltd has acquired a 7.26-acre land parcel in Bengaluru to construct a luxury housing project worth ₹900 crore
Bengaluru-based real estate developer Puravankara Ltd has acquired a 7.26-acre land parcel in the Hebbagodi suburb of Bengaluru to develop a luxury residential project worth over ₹900 crore, the realty player said in a statement on July 2.
The high-end housing project will include a saleable area of around 7.5 lakh square feet, with a potential gross development value of over ₹900 crore, the company said in a statement.
"We are excited to announce the acquisition of this land parcel in Hebbagodi, Bengaluru. It is a mature market with a limited residential real estate and land supply,” said Ashish Puravankara, Managing Director, Puravankara Limited.
Hebbagodi is a fast growing locality on the outskirts of Bengaluru, located within a 5 km radius of IT hub Electronic City.
Puravankara also announced the acquisition of a 12.75-acre land parcel near Mumbai last month, for a residential project with a potential gross development value of ₹5,500 crore over the project lifecycle.
With the latest acquisition, the company has added a total potential gross development value (GDV) of ₹1,550 crore to its Bengaluru portfolio in the ongoing financial year (2023-24). Its portfolio in the Mumbai Metropolitan Region includes a total potential GDV of over ₹7,500 crore.
“With planned launches of around 14 million square feet for FY25 from our existing land bank, our focus shall continue to be on business development to replenish our land bank, keeping in mind the future growth plans of the group,” Puravanakara said. In the last financial year (2023-24), the company sold real estate spanning a total of 7.35 million square feet.
Also read: Bengaluru-based Puravankara crosses ₹5,914 crore in sales in FY24
Puravankara Ltd reported a 90% year-on-year growth in sales during FY 2023-24 at ₹5,914 crore. Meanwhile its total revenue increased 61% annually to ₹2,260 crore during the fiscal.
