Puravankara soars after acquiring 7-acre land parcel in Bengaluru

Puravankara jumped 4.04% to Rs 565 after the company announced the acquisition of a 7.26-acre land parcel in Hebbagodi, Bengaluru.

Hebbagodi is strategically located near Electronics City and is well-connected to other parts of the city, making it an attractive location for residential developments.

The saleable area of the project will be around 750,000 sq ft, with a potential Gross Development Value (GDV) of 900+ crores.

The company also recently announced the acquisition of a 12.75-acre land parcel in Thanes Ghodbunder Road and Lokhandwala in Mumbai, with a potential total GDV of Rs 5,500 crore over the project lifecycle.

Ashish Puravankara, managing director of 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 750,000 square feet, bringing in the much-required supply of high-quality homes in the micro market with proximity to major industrial and IT hubs.

With the acquisition of landowner share of 820,661 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 Rs. 1,550 crores in addition to the recent acquisitions in Mumbai.

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.

The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brandsurva and Provident, respectively. The Group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune.

The company reported consolidated net loss of Rs 6.59 crore in Q4 FY24 as compared with net profit of Rs 26.66 crore posted in Q4 FY23. Revenue from operations zoomed 136.5% year on year (YoY) to Rs 919.97 crore in the quarter ended 31 March 2024.

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