Puravankara Ltd has acquired a 14.57-acre land parcel in Mandur, Budigere, Bengaluru, as per a regulatory filing on Monday. The acquisition includes 7.92 acres under a joint development agreement (JDA) and 6.65 acres purchased outright. The project is expected to generate a gross development value (GDV) of approximately Rs 2,300 crore.
The total saleable area of the project will be about 1.8 million sq ft. However, the company has not disclosed the land cost or the revenue and profit-sharing terms with the landowner involved in the JDA. This acquisition increases Puravankara's total land bank in Bengaluru to 25.61 million sq ft.
Puravankara has a track record of completing 95 projects, covering 57 million sq ft across nine cities, including Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. This latest acquisition aligns with the company's strategy to expand its presence in strategic micro-markets.
“This deal is part of our ongoing efforts to systematically add high-quality projects to our launch pipeline across strategic micro-markets. This reflects our disciplined approach to growth, a long-term view for the organisation, and confidence in the fundamentals of these markets.”
Ashish Puravankara, Managing Director of Puravankara Ltd
Ashish Puravankara, Managing Director of Puravankara Ltd, stated, "This deal is part of our ongoing efforts to systematically add high-quality projects to our launch pipeline across strategic micro-markets. This reflects our disciplined approach to growth, a long-term view for the organisation, and confidence in the fundamentals of these markets."
Puravankara's strategic land acquisition in Bengaluru is significant given the city's robust real estate market. The company's expansion in key micro-markets is expected to strengthen its position and cater to the growing demand for residential projects.
Background
Puravankara's strategic land acquisition in Bengaluru is significant given the city's robust real estate market. The company's expansion in key micro-markets is expected to strengthen its position and cater to the growing demand for residential projects.
Looking ahead, Puravankara's focus on strategic acquisitions and project development in Bengaluru and other cities will be crucial. The market will be watching how this project unfolds and its impact on the company's overall growth trajectory.
