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Puravankara launches plotted development project in Chennai
The company launched 50 acres on January 18. The project comprises over 2,200 plots ranging from around 600 sq ft to 5000 sq ft.
Purva Land, the plotted development arm of listed real estate developer Puravankara Limited, has launched a new wellness themed plotted development spread across 50 acres in Guduvanchery, Chennai, the company said on January 18.
Phase 1 of the project is called Purva Soukhyam and is spread across a total of 120-acres of which 50 acres was launched on January 18. The project comprises more than 2,200 plots ranging from around 600 sq ft to 5000 sq ft and includes a 30,000 sq. ft. clubhouse. Keeping in mind the consumer needs, 80% of the plots are in the range of around 800 sq. ft. to 1,800 sq ft, it said.
With the launch of Purva Soukhyam project, the share price of the company surged by 3.44 per cent to reach ₹229.90 in the BSE today.
Delivery timelines for the entire project is December 2027, the company said, adding it was getting approvals on a phase-wise basis.
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This will be Puravankara's latest venture into Chennai's rapidly growing plotted development market. Purva Soukhyam is registered under Tamil Nadu RERA. The company launched a music-themed project, Purva Raagam, in Thirumazhisai earlier last year.
"Purva Soukhyam is designed to provide residents with a comfortable and balanced lifestyle and marks a paradigm shift in the plotted development space in Chennai. With its comprehensive wellness-focused amenities and facilities, sustainable design, and integration with nature, this project will offer a serene and healthy living environment to enhance the quality of life for its residents,” said Abhishek Kapoor, Group CEO of Puravankara Limited.
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"For homebuyers, plots offer flexibility to build one’s home as per their preference and time frame. Additionally, plots by reputed developers also offer safety and create an appreciating asset for the customers. For developers, plotted developments offer the ability to sell volumes, realize cash flows and turn the project around faster. Interestingly, 80-85% of our demand is by end users,” said Kapoor.
The project is strategically located in Chennai’s southern region, the project is just 10 minutes away from Grand Southern Trunk Road. The Chennai International Airport is around 20 km and can be easily reached in 35 minutes via NH 32.
