Bengaluru-based real estate developer Puravankara Ltd, after making inroads into the Mumbai and Pune real estate markets, is now eyeing opportunities in South Delhi and Gurugram in order to have a footprint in Delhi-NCR.
โThe company looks at South Delhi as an opportunity followed by Gurugram where it wants to be on Golf Course Road or its extension. The company is also open to Noida in the main part of the city but Noida will be in the second phase,โ said Abhishek Kapoor, Group CEO of Puravankara Limited.
Replying to a question during a recent investorsโ call for Q2FY25, on areas in Delhi-NCR that interest the company, Kapoor said South Delhi is definitely an opportunity. โIn Gurugram, we are very clear that we won’t go on the Dwarka Expressway,โ he said.
“We want to be in Gurgaon. We want to be on anywhere from Golf Course Road to extension and further down this side before we reach Dwarka Expressway because we believe that these are the markets where we will be able to, as a brand, would like to enter from,” said Kapoor.
“In Noida, we are looking at it more opportunistically but ideally in phase 2. Phase 1, our real focus is to do Gurugram in any of these markets. And in Delhi, if possible, we’d like to focus on South Delhi to get some acquisitions going. Post that, we will look at Noida,โ added Kapoor.
In the context of Noida, Kapoor mentioned that for Noida, the company is not considering Yamuna Expressway.
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He said the company will look in the main part of the city so that it can have a strong product in a good location, and then โwe will start expanding.โ
On September 12, Puravankara Ltd had announced that it has secured redevelopment rights of a housing society named Miami Apartments at Breach Candy in South Mumbai.
The company had also announced that it would be redeveloping four more societies in the Andheri area of Mumbai and that it has signed a joint Development agreement (JDA) for a 1.95-acre land parcel at a prime location in Electronics City in Bengaluru. This land parcel, adjacent to the Purva Westend project, will have a saleable area of 260,000 sq ft, the company said.
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Company to focus on Bengaluru, Hyderabad, Chennai, Mumbai, Pune and Delhi-NCR
According to the company, its redevelopment strategy is focused on Mumbai and only where they have acquired three significant redevelopment projects in locations like Lokhandwala, in Pali Hill, Bandra and in Breach Candy in South Mumbai.
“As far as entry into tier 2 and Northern region is concerned, we are definitely keen on NCR as a market, but we are very cautious, and we are now putting a team on ground to understand and look at acquisitions. So it is a longer journey. But tier 2 cities, we have no program at this point in time,” Kapoor said during the investorsโ call for Q2FY25.
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He said that the company wants to focus on larger markets that contribute almost 80% to 85% of the business across the country so that it can get more market share in these markets. These include Bengaluru, Chennai, Hyderabad, Mumbai, Pune and NCR, as and when โwe start scaling up there.โ
“But in other cities, it can be opportunistic where we are already present, which is Kochi, Coimbatore, Goa. We will continue to be opportunistic in these markets. But focus will continue to be between Pune, Mumbai, Bangalore, Chennai, Hyderabad and NCR,” Kapoor added.
