Puravankara, a prominent real estate developer in India, is expanding its commercial portfolio by acquiring 2.3 acres of land in Bengaluru for approximately INR 135 crore. The company aims to develop 3 million square feet of office space over the next four to five years, anticipating rental income growth to INR 500 crore. Recently, they announced plans to acquire 20 million square feet of land by the financial year's end, focusing on both outright purchases and redevelopment to boost residential and commercial project launches in major markets like Mumbai, Bengaluru, and the Delhi-National Capital Region.
In Bengaluru, real estate developer Puravankara has secured 2.3 acres of land from Citrus Venture Projects for approximately INR 135 crore, according to sources close to the deal. This acquisition is a key part of Puravankara's strategy to create an office platform, which aims to boost its rental income to INR 500 crore within the next 5 years.
The newly acquired property, situated in Hebbal, holds significant potential for development, with plans for an initial phase covering 2 million square feet. Moreover, the developer is also working on acquiring an additional 10 acres of land from Citrus Venture Projects in the same Hebbal area. According to an anonymous source, the first phase of the acquisition has been officially registered, and Puravankara is planning to acquire the remaining land parcel to enhance its commercial portfolio. The company is actively pursuing a platform deal to facilitate this expansion.
A registered document from Propstack, a data analytics firm, indicates that PPL Hebbal Developers Pvt. Ltd, a subsidiary of Puravankara, has secured 67.75% of an undivided share in a total area of 4 acres and 9 guntas (approximately 184,000 square feet). This translates to 2 acres and 34.5 guntas (or about 125,000 square feet) of rights, title, and interest in the property located in Bangalore Urban District. The company chose not to comment on the deal.
Puravankara, recognized as one of India's top real estate developers, is making strides into the commercial real estate sector with plans to develop 3 million square feet of office space over the next four to five years. This expansion is part of the company's strategy to tap into the increasing demand for high-quality office spaces in major urban markets across the nation.
As part of this initiative, Puravankara aims to utilize its extensive industry expertise and strong market insights to position itself for significant growth in the office leasing sector. The firm anticipates generating rental income of 140 crore INR by the fiscal year 2025-26, with projections to escalate to 500 crore INR within the following four to five years.
Recently, the company announced its intention to acquire 20 million square feet of land by the end of the financial year. This plan involves exploring both outright purchases and redevelopment opportunities to drive growth. Puravankara aims to ramp up the launches of residential and commercial projects in key markets, including Mumbai, Bengaluru, and the Delhi-National Capital Region.
Puravankara's strategic expansion into the commercial real estate sector reflects its commitment to capitalizing on the increasing demand for quality office spaces in urban markets. By acquiring significant land parcels and planning substantial developments, the company positions itself for robust growth in rental income. The focus on launching new residential and commercial projects in key cities like Mumbai, Bengaluru, and the Delhi-National Capital Region further underscores its ambition. As Puravankara pursues its vision, it aims to enhance its market presence and deliver value to stakeholders in a rapidly evolving real estate landscape.
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