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Puravankara acquires 7 acre land parcel in Bengaluru

Puravankara has acquired 7.26-acre land parcel in Hebbagodi, Bengaluru. The saleable area of the project will be around 7.5 lakh sq ft, with a potential gross development value (GDV) of over Rs 900 crore.

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

In a separate regulatory filing, the company informed that its wholly-owned subsidiary Provident Housing has purchased owner’s shares of land in Provident Botanico and owner’s share of unit in Provident Capella for Rs 165 crore and Rs 86 crore respectively.

“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 crore in addition to the recent acquisitions in Mumbai,” said Ashish Puravankara, managing director of the company.

The potential gross development value of Provident Botanico is Rs 350 crore while Provident Capella’s GDV is Rs 134 crore.

“In the previous financial year, we sold around 7.35 million sq ft. With planned launches of around 14 million sq ft 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,” he added.

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