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.

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