Puravankara acquires 2.3 acres in Bengaluru for Rs 1.35 billion

26 Sep 2024 CW Team

Real estate developer Puravankara has purchased 2.3 acres of land from Citrus Venture Projects in Hebbal, Bengaluru for approximately Rs 1.35 billion, according to sources familiar with the deal. This acquisition is part of Puravankara’s strategy to expand its office platform and increase rental income to Rs 5 billion over the next five years.

The newly acquired land has a development potential of 2 million square feet in its first phase. Puravankara is also in the process of securing an additional 10 acres from Citrus Venture Projects as part of a broader plan to scale up its commercial real estate portfolio in the region.

"The first phase of the acquisition has been registered, and Puravankara is exploring further opportunities to acquire the remaining land parcel," said a source who requested anonymity. As per documents shared by Propstack, a data analytics firm, PPL Hebbal Developers Pvt. Ltd, a Puravankara subsidiary, has obtained a 67.75% share in the 4.9-acre property in Bengaluru Urban District, equivalent to 2 acres 34.5 guntas or 125,000 sq ft.

Puravankara, known for its residential projects, is expanding into the commercial real estate market, with plans to develop 3 million sq ft of office space over the next four to five years. This strategic move is aimed at capitalising on the growing demand for high-quality office spaces in key urban markets.

"As part of this strategy, Puravankara’s commercial expansion will leverage its industry experience and strong market understanding to position itself as a significant player in the office leasing sector. The firm expects rental income of Rs 1.4 billion by 2025-26, with projections reaching Rs 5 billion over the next few years," the source added.

(ET)

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