Puravankara Ltd in advanced stages of discussion for redevelopment of 3-4 housing societies in Mumbai: Group CEO
Besides residential redevelopment projects, Puravankara Limited is also evaluating commercial redevelopment projects
Bengaluru-based Puravankara Ltd, that crossed the ₹5,900 crore benchmark in terms of sales for the first time in almost five decades, plans to focus on redevelopment projects across Mumbai and Pune this fiscal.
“Mumbai and Pune will be the new focus areas for us, especially redevelopment projects,” Abhishek Kapoor, Group CEO, Puravankara Ltd told HT Digital.
Puravankara is currently in advanced stages of discussion for redevelopment of three to four housing societies in Mumbai.
“Besides residential redevelopment projects, we are also evaluating commercial redevelopment projects,” he added.
The company had announced that it has secured the residential redevelopment rights for two housing societies in Mumbai in November 2023 with a revenue potential of ₹1500 crore.
Also Read: Bengaluru-based Puravankara crosses ₹5,914 crore in sales in FY24
In Pune, the company is considering outright and joint development agreements and is in advanced stages of discussion, he said.
"The company’s goal is to become a national developer and NCR is on its radar at some point,” he said.
Focus on land acquisitions
The listed real estate company also plans to replenish its inventory with land acquisitions of 10 million sq ft. These would be in markets such as Bengaluru, Hyderabad, Chennai, Mumbai and Pune.
Also Read: Real estate developers acquire 1,947 acres of land valued at ₹32,203 crore in CY2023
As far as the pipeline is concerned, the company had added 10 mn sq ft across 11 projects as against the projected 15 mn sq ft in FY24.
“We will give our projections for the new launches post the next board meeting. The 5 mn sq ft that could not be launched last year is expected to hit the market this year. Other new launches will be announced in due course of time,” he said.
Bengaluru water crisis
On the Bengaluru water crisis, Kapoor said that so far there has been no impact on construction activity.
Also Read: Bengaluru water crisis: Has it impacted real estate sales?
“Due to the size of the demography and the scale of urbanization, infrastructure challenges are being faced by almost all cities in the country. The public and government has to take initiative to work towards finding solutions. These challenges must be addressed, and Bengaluru is no exception. Having said that, climate change is not going to make things easier.”
