Puravankara expands Bengaluru presence with strategic land acquisition
Puravankara Limited, a leading name in India’s real estate market, has expanded its footprint in Bengaluru with the acquisition of a 7.26-acre land parcel in Hebbagodi. This area, renowned for its strategic location near Electronics City, is a prime spot for residential developments, particularly appealing to IT professionals.
Hebbagodi’s proximity to major IT hubs and its excellent connectivity to other parts of Bengaluru make it a highly desirable location. The land parcel is situated close to the Hebbagodi Metro Station and within a 5-km radius of Electronics City Phase 1 and Phase 2, encompassing major hospitals, international schools, and retail centers. Puravankara Limited plans to develop a high-end luxury residential project on this site, with an estimated saleable area of 750,000 sq ft. This project is projected to have a Gross Development Value (GDV) of over 900 crores.
Ashish Puravankara, Managing Director of Puravankara Limited, highlighted the strategic importance of this acquisition: “We are excited to announce the acquisition of this land parcel in Hebbagodi, Bengaluru. It is a mature market with limited residential real estate and land supply. The company intends to develop a high-end luxury project, bringing in much-required supply of high-quality homes in the micro-market with proximity to major industrial and IT hubs.” This initiative is part of Puravankara’s broader strategy to enhance its portfolio and meet the growing demand for luxury housing in key urban centers.
Additionally, Puravankara Limited has also acquired land in Thane and Lokhandwala, Mumbai, with a potential total GDV of Rs. 5,500 crores, underscoring its aggressive growth strategy across major Indian cities.
The new project in Hebbagodi is expected to add significant value to Puravankara’s existing offerings and cater to the upscale market segment. With the planned launch of around 14 million square feet for FY25 from its existing land bank, Puravankara aims to continue its focus on business development and land bank replenishment, supporting the company’s long-term growth objectives.