Bengaluru-headquartered real estate major Puravankara Limited is looking to strengthen its land bank to achieve a total of 45 million square feet over the next two years, Abhishek Kapoor, Group Chief Executive told HT.com
โWe will continue replenishing our landbank as launches are announced, and we are targeting 45 mn sq ft of landbank over the next two years,โ Kapoor said, adding that this year, the company will launch new projects spanning around 12 million square feet and a little over four million square feet in new phases of existing projects.
As per the company’s investor presentation, Puravankara Ltd, Provident Housing and Purva Land are collectively expected to launch four projects in Bengaluru, two each in Mumbai and Kochi, and one in Chennai, Coimbatore and Pune during the second half of FY25.
Also Read: More than 101 land deals for approximately 2,989 acres closed in FY-24 across cities, including Ayodhya
At the end of the first quarter of the ongoing financial year, the realty player had declared a land bank measuring 28.33 million square feet spread across Bengaluru, Mumbai, and Kochi, among other cities.
“So far, in FY25, we have added 5.75 mn sq ft with a potential Gross Development Value of over โน10,000 crore,” Kapoor said. These acquisitions have been made in Mumbai, Bengaluru and Goa.
Going forward the company will remain focused on strengthening its presence in the Mumbai Metropolitan Region, Bengaluru, Hyderabad, Chennai, Pune and Delhi-NCR. In Mumbai, Puravankaraโs focus will continue to be on redevelopment projects, Kapoor said.
Business performance
Puravankara Limited on October 10 said that it has recorded a total sales value of โน2,459 crore in the first half of the ongoing financial year, as customer collections during the six-month period increased to โน1,998 crore, up 27% from โน โน1,575 crore in H1 FY24.
โWe remain confident in maintaining this growth momentum as we prepare for the festive season, with over 12 mn sq ft of new launches for the second half of the financial year with a potential GDV of over โน13,000 crore,โ said Ashish Puravankara, Managing Director, Puravankara Ltd.
Also Read: Puravankara Limited buys 1.25-lakh square feet land parcel in Bengaluru for โน134.71 crore
According to the company statement, during the September quarter, Puravankara acquired the redevelopment rights for Miami Apartments at Breach Candy, with a potential GDV of โน700 crore, marking its entry into the luxury South Mumbai market.
Additionally, the company expanded its footprint in Lokhandwala, Andheri West, adding a new cluster of four societies (potential GDV of โน700 crore) to its existing redevelopment projects, bringing the total land area in the region to around 4.3 acres with a combined potential GDV of โน2,350 crore for the project.
Also Read: Puravankara Limited reports flat sales bookings of โน1,128 crore in Q1 FY25
In Bengaluru, the company has signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel at a prime location in the Electronics City micro-market. This land parcel, adjacent to the Purva Westend project, will have a saleable area of 2.6 lakh square feet with a potential GDV of โน250 crore.
