Puravankara Acquires 2.3 Acres from Citrus Venture for Rs 1.35 billion

27 Sep 2024 CW Team

Real estate developer Puravankara has acquired 2.3 acres of land in Bengaluru from Citrus Venture Projects for approximately Rs 1.35 billion, according to sources familiar with the matter.

This acquisition is part of the developer’s strategy to establish an office platform, with the goal of increasing its rental income to Rs 5 billion over the next five years. The property, situated in Hebbal, has a development potential of 2 million square feet in the first phase. Additionally, the company is in the process of acquiring around 10 acres of land from Citrus Venture Projects in Hebbal.

One individual, who requested anonymity, mentioned that the first phase of the acquisition has been registered and that Puravankara aims to acquire the remaining land parcel as part of its plans to enhance its commercial portfolio. The company is actively working on a platform deal to broaden this portfolio.

According to a registered document shared by Propstack, a data analytics firm, PPL Hebbal Developer, a subsidiary of Puravankara, has acquired 67.75%, or 2 acres and 34.5 guntas (equivalent to 125,000 sq ft), of the undivided share of rights, title, and interest in a property measuring 4 acres and 9 guntas (or 184,000 sq ft) in the Bangalore Urban District.

The company has chosen not to comment on the deal. Puravankara, one of India’s leading real estate developers, is expanding into the commercial real estate sector with plans to develop 3 million sq ft of office space over the next four to five years. This expansion aligns with its vision to capitalize on the increasing demand for high-quality office spaces in key urban markets across the country.

The same anonymous source indicated that as part of this strategy, Puravankara’s commercial office expansion will draw on its extensive industry experience and strong market understanding, positioning the company to capture significant growth in the office leasing market. The firm anticipates generating rental income of Rs 1.40 billion by 2025-26, with projections to reach Rs 5 billion over the next four to five years.

Real estate developer Puravankara has acquired 2.3 acres of land in Bengaluru from Citrus Venture Projects for approximately Rs 1.35 billion, according to sources familiar with the matter. This acquisition is part of the developer’s strategy to establish an office platform, with the goal of increasing its rental income to Rs 5 billion over the next five years. The property, situated in Hebbal, has a development potential of 2 million square feet in the first phase. Additionally, the company is in the process of acquiring around 10 acres of land from Citrus Venture Projects in Hebbal. One individual, who requested anonymity, mentioned that the first phase of the acquisition has been registered and that Puravankara aims to acquire the remaining land parcel as part of its plans to enhance its commercial portfolio. The company is actively working on a platform deal to broaden this portfolio. According to a registered document shared by Propstack, a data analytics firm, PPL Hebbal Developer, a subsidiary of Puravankara, has acquired 67.75%, or 2 acres and 34.5 guntas (equivalent to 125,000 sq ft), of the undivided share of rights, title, and interest in a property measuring 4 acres and 9 guntas (or 184,000 sq ft) in the Bangalore Urban District. The company has chosen not to comment on the deal. Puravankara, one of India’s leading real estate developers, is expanding into the commercial real estate sector with plans to develop 3 million sq ft of office space over the next four to five years. This expansion aligns with its vision to capitalize on the increasing demand for high-quality office spaces in key urban markets across the country. The same anonymous source indicated that as part of this strategy, Puravankara’s commercial office expansion will draw on its extensive industry experience and strong market understanding, positioning the company to capture significant growth in the office leasing market. The firm anticipates generating rental income of Rs 1.40 billion by 2025-26, with projections to reach Rs 5 billion over the next four to five years.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..