Puravankara Acquires 7.26 Acres Land Parcel in Bengaluru

Puravankara Limited informed in a stock exchange filing about its acquisition of a 7.26-acre land parcel in Hebbagodi, Bengaluru. Hebbagodi, strategically situated near Electronics City, enjoys excellent connectivity to other parts of Bengaluru, making it highly appealing for residential developments.

The company stated that the area boasts robust social infrastructure, including major hospitals, international schools, and retail outlets, and is within close proximity to Electronics City’s Phase 1 and Phase 2 IT hubs, as well as the Hebbagodi Metro Station. This prime location is particularly attractive for IT professionals seeking convenient living options.

The upcoming project will offer approximately 7,50,000 square feet of saleable area, with an anticipated Gross Development Value (GDV) exceeding ₹900 crore. Additionally, Puravankara recently announced the acquisition of a 12.75-acre land parcel in Thane’s Ghodbunder Road and Lokhandwala in Mumbai, which is projected to generate a total GDV of ₹5,500 crore throughout the project’s lifecycle.

The Managing Director of Puravankara Limited, Ashish Puravankara, said, “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. The company intends to develop a high-end luxury project of approximately 7,50,000 sq ft, bringing in the much-required supply of high-quality homes in the micro market with proximity to major industrial and IT hubs.”

He further added, “With the acquisition of a landowner share of 8,20,661 sq ft in Provident Adora De Goa, Provident Botanico and Provident Capella, along with the 7.26 acres of land in Hebbagodi, the group has added a potential total GDV of ₹1,550 crore in addition to the recent acquisitions in Mumbai.”

He also stated that the company reported sales of approximately 7.35 million square feet in the previous financial year. Looking ahead to FY25, they plan to launch around 14 million square feet from their existing land bank. Their focus remains on business development to replenish their land bank, aligning with the group’s future growth strategies,

On July 3, 2024, the share price of Puravankara Ltd opened at ₹569.00, touching the day’s high at ₹569.60, as of 10:26 AM on the NSE.

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