Bengaluru-based listed real estate developer Puravankara Group has announced a joint venture to develop a 24.59-acre land parcel in North Bengaluru. According to a statement issued by the company, the project has an estimated gross development value of ₹3,300 crore.
"This joint venture with KVN Property Holdings LLP marks another milestone in the group’s expansion in one of the city's fastest-growing real estate corridors," the company said in the statement.
According to the company, the land parcel has a total saleable area of approximately 3.48 million sq ft, and the project is expected to be launched in the next six months.
The company said the project benefits from strong market demand, proximity to Kempegowda International Airport, and access to upcoming infrastructure and employment hubs.
“This joint venture highlights our sustained confidence in the North Bengaluru market, where we have already demonstrated strong traction. The scale, location, and partnership model of this project position it as an ideal platform for integrated development that resonates with the aspirations of urban homebuyers. It aligns with our broader vision of creating high-quality, community-focused housing across emerging corridors," Ashish Puravankara, Managing Director, Puravankara Limited, said.
{{/usCountry}}“This joint venture highlights our sustained confidence in the North Bengaluru market, where we have already demonstrated strong traction. The scale, location, and partnership model of this project position it as an ideal platform for integrated development that resonates with the aspirations of urban homebuyers. It aligns with our broader vision of creating high-quality, community-focused housing across emerging corridors," Ashish Puravankara, Managing Director, Puravankara Limited, said.
{{/usCountry}}“North Bengaluru continues to attract discerning homebuyers, driven by infrastructure upgrades and connectivity to key economic hubs. This project is conceived on the back of the successes of our previous projects, which validates this joint venture development in this micro-market. The project is expected to come to market in 6-9 months, and we are confident this project will be a great addition to our impressive portfolio.” Mallanna Sasalu, CEO, Provident Housing Limited said.
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Along with the project announcement, the company also announced the appointment of Mallanna Sasalu as CEO, Puravankara Ltd – South, subject to the approval of the Nomination & Remuneration Committee and Board of Directors of the Company.
The company said that Sasalu is a seasoned professional with over 32 years of extensive experience spanning engineering, architecture, and real estate development in both India and Canada.
He holds a degree in Civil Engineering and is an alumnus of Harvard Business School, adding a strong academic foundation to his diverse professional expertise, the company said in its statement.