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Real estate developer Puravankara Limited has announced the acquisition of a 7.26-acre land parcel in Hebbagodi, Bengaluru, on which it intents to build a 7.5 lakh square feet luxury residential property with a potential Gross Development Value (GDV) of over Rs 900 crores.
“It is a mature market with a limited residential real estate and land supply” Ashish Puravankara, Managing Director of Puravankara Ltd pointed out. He added that with the project the company is bringing much-required supply of high-quality homes in the micro market with proximity to major industrial and IT hubs.
With this adding up to other recent acquisitions, he said that the company has built up a land bank with potential gross development value of Rs 1,550 crore, besides the Mumbai buys. The company had earlier announced that it has picked up a land parcel of 12.75 acre on Thane’s Ghodbunder Road and Lokhandwala with potential gross development value of Rs 5,500 crore over the project’s lifecycle.
“In the previous financial year, we sold around 7.35 million square feet. With planned launches of around 14 million square feet for FY25 from our existing land bank, our focus shall continue to be on business development to replenish our land bank, keeping in mind the future growth plans of the group,” Puravankara recounted. The company’s total land bank is about 36 million square feet (msf) and ongoing projects add up to about 32 msf.