Puravankara Group Launches Rs 1,000 Crore Housing Project in East Bengaluru

Realty company Puravankara Group announced a strategic partnership with a landowner to develop an ambitious housing project valued at approximately Rs 1,000 crore in Balagere, East Bengaluru. The official announcement was made in a regulatory filing, detailing a joint development agreement (JDA) for a 5.5-acre land parcel boasting a potential gross development value (GDV) exceeding Rs 1,000 crore. The project is expected to have a total saleable area of 0.83 million square feet.

The name of the collaborating landowner remains undisclosed, and the specifics of the revenue or profit-sharing structure have not been revealed by Puravankara. The project, strategically situated in Balagere, is poised for a launch within the next 6-9 months. The Managing Director of Puravankara, Ashish Puravankara, emphasized the company's commitment to sustained growth and expressed confidence in the vibrant East Bengaluru micro-market.

Mallanna Sasalu, CEO - South of Puravankara Ltd, highlighted Balagere's emergence as a high-potential residential micro-market, mainly driven by its proximity to primary IT hubs and robust infrastructure. Reflecting on Puravankara's enduring expansion strategy, Sasalu noted that the joint development deal is a testament to the firm's capital-efficient growth approach. Earlier in the year, Puravankara made significant land acquisitions in other prime areas of Bengaluru and continues to expand its footprint with over 53 million square feet completed across nine cities.

(With inputs from agencies.)