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Puravankara Ltd has acquired a 14.57-acre land parcel in Bengaluru’s Mandur-Budigere corridor to develop a residential project with an estimated gross development value of around INR 2,300 crore. The project will have a total saleable area of nearly 1.8 million sq ft. A part of the land has been secured through a joint development agreement, while the remaining portion has been purchased outright by the company. The acquisition strengthens Puravankara’s expansion plans in Bengaluru, where demand for large-scale residential developments has remained strong due to improving infrastructure and growing housing demand in emerging micro-markets.
Real estate developer Puravankara Ltd has acquired a 14.57-acre land parcel in Bengaluru to develop a housing project with an estimated revenue potential of around INR 2,300 crore, according to a regulatory filing made earlier this week. Advertisement
The land parcel is located in Mandur, Budigere, an emerging residential corridor in east Bengaluru that has seen increased real estate activity in recent years due to improving connectivity and infrastructure development. The company said the planned project will offer a total saleable area of nearly 1.8 million sq ft.
Of the total land area, 7.92 acres have been secured under a joint development agreement (JDA), while the remaining 6.65 acres have been acquired directly by the company. Puravankara, however, did not disclose the land acquisition cost or the revenue and profit-sharing arrangement agreed upon with the landowners involved in the JDA.
Ashish Puravankara, Managing Director of Puravankara Ltd, said the transaction forms part of the company’s ongoing strategy to add quality projects across key micro-markets and strengthen its future launch pipeline. He further stated that the acquisition reflects the company’s long-term growth approach and confidence in the underlying demand fundamentals of these markets.
The latest acquisition has increased Puravankara’s total Bengaluru land bank to around 25.61 million sq ft of developable area. Bengaluru continues to remain one of the company’s key markets, supported by sustained housing demand from the IT workforce, expanding peripheral infrastructure and rising interest in integrated residential communities.
In the last few years, major developers have been actively acquiring land parcels in east and north Bengaluru, particularly in locations such as Budigere, Whitefield, Devanahalli and Sarjapur Road, as these regions continue to attract both end-users and investors. Industry experts believe large-format residential projects in these corridors are witnessing healthy absorption due to improved road connectivity and upcoming infrastructure projects.
Puravankara has completed 95 projects so far, covering around 57 million sq ft across nine cities including Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune and Goa.
Source PTI
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