Puravankara to acquire a three-acre land parcel in North Bangalore

Based in Bengaluru, Puravankara Limited is one of the most reputable and esteemed real estate companies in India. Since its founding in 1975, the company has built a pristine legacy of transparently and on schedule delivering homes of international quality for the previous 49 years. In 2008, Puravankara launched Provident Housing Ltd., a fully owned subsidiary, to cater to the needs of young, upwardly mobile homeowners. As a prominent community developer in the modern era, Provident Housing is widely recognized. Plotted development company Purva Land was founded in 2021 to satisfy the demands of discriminating buyers seeking a very profitable investment opportunity. The business has experienced exponential growth, and as of March 31, 2024, it has completed 86 successfully completed residential and commercial projects totaling an incredible 50 million square feet. The company currently has over 23,000 homes under construction and a land bank of over 36 million square feet, totaling over 31 million square feet under development. It recently made its first move into Mumbai’s redevelopment market, obtaining the rights to two housing societies that will occupy three acres and have a combined potential gross development value of Rs 1,500 crore.

Puravankara Ltd. acquired land in North Bengaluru:

On October 7, 2024, real estate company Puravankara Ltd. announced that it had purchased a 3-acre 4-gunta land parcel in North Bengaluru through a sale deed. A residential development is planned for the recently acquired land. The company stated in a stock exchange filing that it has “entered into a sale deed for the purpose of developing a residential project on a 3 acres and 4 guntas land parcel located in North Bangalore, in the normal course of business.”

Bangalore is the strategic location: 

The business has a joint development agreement (JDA) in place for a 1.95-acre plot of land in Bangalore that is strategically located in the Electronics City micro-market. This land parcel will have a 260,000-square-foot saleable area and is located next to the Purva Westend project.

The project has easy access to other social infrastructure, including tech parks, hospitals, and schools, and is located just a short distance from the Kudlu Gate Metro Station (about 100 meters). The market prices per square foot in the area are currently between Rs. 12,000 and Rs. 14,000.

Rebuild of Miami Apartments:

Last month, Puravankara declared that it had acquired the rights to rebuild the Miami Apartments, a posh neighborhood in South Mumbai’s Breach Candy. The 2,000-square-meter site represents Puravankara’s foray into the upscale South Mumbai real estate market. Market sources estimate that the area’s real estate costs range from Rs. 1,25,000 to Rs. 1,40,000 per square foot.

The stock of Puravankara Ltd. is rising today:

The share price of Puravankara Ltd. is currently trading at Rs. 365.70, up almost 1% from the intraday high of Rs. 368.90.

Conclusion: In Bengaluru, Puravankara Ltd. is creating a new residential project to boost revenue for the company.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.