Puravankara has acquired a 7.26-acre land parcel in Hebbagodi, Bengaluru, with a saleable area of 7.5 lakh sq ft and a potential gross development value (GDV) of over INR 900 crore. Additionally, it announced a 12.75-acre land acquisition in Thane and Mumbai, with a GDV of INR 5,500 crore. Its subsidiary, Provident Housing, bought landowner shares in Provident Botanico and Provident Capella for INR 165 crore and INR 86 crore, respectively, adding a GDV of INR 1,550 crore. The group plans to launch 14 million sq ft in FY25, focusing on development and land replenishment.
Puravankara has made significant strides in its real estate acquisitions, most notably with the purchase of a 7.26-acre land parcel in Hebbagodi, Bengaluru. This new project boasts a saleable area of approximately 7.5 lakh square feet and is projected to have a gross development value (GDV) exceeding INR 900 crore. This strategic acquisition underscores Puravankara's commitment to expanding its footprint in key urban areas.
In a recent announcement, Puravankara also revealed the acquisition of a 12.75-acre land parcel in the prime locations of Thane's Ghodbunder Road and Lokhandwala in Mumbai. This acquisition is expected to yield a substantial GDV of INR 5,500 crore over the course of the project's life cycle. These moves are part of the company's broader strategy to capitalize on high-value urban land for development.
In a separate regulatory filing, Puravankara detailed its wholly-owned subsidiary, Provident Housing's, purchase of significant shares in Provident Botanico and Provident Capella. Provident Housing acquired the landowner's shares of land in Provident Botanico for INR 165 crore and the owner's share of a unit in Provident Capella for INR 86 crore. These acquisitions have added considerable value to Provident Housing's portfolio.
According to Ashish Puravankara, the managing director of the company, these recent acquisitions contribute to a combined potential GDV of INR 1,550 crore, inclusive of the 820,661 square feet in Provident Adora De Goa, Provident Botanico, and Provident Capella, along with the Hebbagodi land. This highlights the company's aggressive expansion strategy and its ability to identify and secure high-value properties.
Specifically, the potential GDV for Provident Botanico stands at INR 350 crore, while Provident Capella is projected at INR 134 crore. These figures underscore the substantial value and growth potential these projects bring to the company's portfolio.
In the previous fiscal year, Puravankara successfully sold approximately 7.35 million square feet of real estate. Looking ahead, the company plans to launch around 14 million square feet of projects in FY25 from its existing land bank. This ambitious plan aligns with the company's focus on business development and the strategic replenishment of its land reserves to support future growth.
Puravankara's recent acquisitions and planned launches signify a robust growth trajectory and a keen focus on enhancing its land bank to support sustained expansion. The company continues to demonstrate its commitment to strategic growth and value creation in the real estate sector.
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