Puravankara Limited, a prominent Indian real estate developer, announced today the acquisition of a 3.63-acre land parcel in Kanakapura Road, Bengaluru. The company plans to develop the site into a premium residential project with an estimated Gross Development Value exceeding ₹700 crore.
The shares of Puravankara Limited were trading at ₹374.25 down by ₹5.90 or 1.55 per cent on the NSE today at 3.20 pm.
The land, located in Vajrahalli, will yield a saleable area of 5.42 lakh square feet. The site is situated one kilometer from the Thalaghattapura Metro Station on the Green Line of Namma Metro and approximately seven kilometers from J.P. Nagar, a major residential and commercial hub.
Read also:Incremental output from Mumbai High may generate additional $10.3 billion revenue: ONGC
Managing Director Ashish Puravankara highlighted the strategic importance of the acquisition, noting the area’s strong demand and limited land availability. He emphasized the company’s continued focus on expanding their land bank in locations with favorable market conditions.
The Bengaluru-headquartered Puravankara Group operates through three residential brands – Purva, Provident Housing Limited, and Purva Land. The company has recently diversified into Grade-A commercial real estate with approximately 3 million square feet of development. The group currently maintains a presence in nine cities, including Chennai, Hyderabad, Pune, Mumbai, and Kochi.
SHARE
Copy linkEmailFacebookTwitterTelegramLinkedInWhatsAppReddit
Published on January 9, 2025
https://www.thehindubusinessline.com/markets/stock-markets/real-estate-developer-puravankara-acquires-land-in-bengaluru-for-700-crore-project/article69080246.ece
