Puravankara acquires land in Bengaluru with Rs 9 billion GDV

03 Jul 2024 CW Team

Puravankara has acquired a 7.26-acre plot of land in Hebbagodi, Bengaluru, where the project's saleable area will encompass approximately 7.5 lakh sq ft. This development carries a potential gross development value (GDV) exceeding Rs 9 billion. Additionally, the company recently announced the acquisition of a 12.75-acre land parcel in Thane?s Ghodbunder Road and Lokhandwala in Mumbai, with an overall potential GDV projected to reach Rs 55 billion over the project's lifecycle. In a separate regulatory filing, Puravankara informed that its wholly-owned subsidiary, Provident Housing, has purchased owner?s shares of land in Provident Botanico and owner's shares of a unit in Provident Capella for Rs 1.65 billion and Rs 0.86 billion, respectively. Ashish Puravankara, managing director of the company, noted, "With the acquisition of landowner shares in Provident Adora De Goa, Provident Botanico, and Provident Capella, alongside the Hebbagodi acquisition, the group has added a potential total GDV of Rs 15.5 billion, in addition to recent Mumbai acquisitions." Provident Botanico is projected to have a GDV of Rs 3.5 billion, while Provident Capella's GDV is estimated at Rs 1.34 billion. Puravankara highlighted that in the previous financial year, they sold approximately 7.35 million sq ft, and they plan to launch around 14 million sq ft in FY25 from their existing land bank. The company remains focused on business development to augment their land holdings, aligning with the group's future growth strategies.

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