VMPL
Bengaluru (Karnataka) [India], July 10: Puravankara Group (NSE: PURVA | BSE: 532891), one of India's most trusted and admired real estate developers, has announced the joint development of a 5.5-acre land parcel in East Bengaluru, with a combined estimated gross development value (GDV) of over Rs 1,000 crores. The acquisition aligns with the company's strategic vision to expand its footprint in key Bengaluru micro-markets with robust infrastructure, excellent connectivity, and sustained residential demand.
The land parcel offers a total combined saleable area of 0.83 million square feet. Located in Balagere, East Bengaluru, the site enjoys strong and steady market demand due to its proximity to major IT hubs and well-established social and physical infrastructure. The project is expected to be launched in the next six to nine months.
Commenting on the development, Ashish Puravankara, Managing Director, Puravankara Limited, said, "This joint development underscores our sustained growth strategy and reaffirms our confidence in East Bengaluru, one of the city's most dynamic and promising micro-markets. The scale and location of this project are ideal for an ultra-luxury offering tailored for individuals seeking a refined lifestyle that mirrors their success. It aligns with our broader vision of creating high-quality, community-focused housing across Bengaluru's emerging corridors."
Mallanna Sasalu, CEO - South, Puravankara Limited, added, "Balagere has emerged as a high-potential residential micro-market, driven by its proximity to key IT hubs and well-established infrastructure. This project, structured under a Joint Development Agreement (JDA), reflects our capital-efficient approach to growth. The micro-market has demonstrated steady sales and rental demand, reduced market risk and supports faster inventory take-off. We expect to bring the project to market in the next 6-9 months and are confident it will be a strong addition to our expanding portfolio."
Earlier this year, the company acquired a 3.63-acre land parcel in Kanakapura Road, Bengaluru, with an estimated GDV of Rs 700+ crores. It also announced a joint venture with KVN Property Holdings LLP to develop a 24.59-acre land parcel in North Bengaluru, with a potential GDV of Rs 3,300 crore.
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