Bengaluru-based developer Puravankara Limited has acquired a 3.63-acre land parcel in Kanakapura Road, Bengaluru, with a gross development value of over ₹700 crore, the company said on January 9.
The acquired land parcel is located in Vajrahalli, Kanakapura Road, and spans 3.63 acres. It has a saleable area of 5.42 lakh sq ft.
The land parcel is in a prime location on Kanakapura Road and enjoys seamless road and metro connectivity to prominent parts of the city. It is located a kilometre from Thalaghattapura Metro Station on the Green Line of Namma Metro. J.P. Nagar.
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“This strategically located land parcel is in a micro-market with buoyant demand and low availability of land for development. Given its excellent connectivity and well-established infrastructure, it has significant potential for premium residential development. Our focus will continue on business development to replenish our land bank in strategic locations with favourable demand-supply conditions,” Ashish Puravankara, Managing Director, Puravankara Limited, said.
Abhishek Kapoor, the group chief executive, previously told HT.com that Puravankara Limited is looking to strengthen its land bank to achieve a total of 45 million square feet by 2026.
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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, Kapoor said that Puravankara’s focus will continue to be on redevelopment projects.
Real estate projects along Kanakapura Road
Located around 30 minutes from south Bengaluru’s IT corridor of Electronic City, Kanakapura Road is a prominent arterial route connecting major localities and extending towards the city’s outskirts. Companies with offices on Kanakapura Road include Infosys, Wipro, and Tech Mahindra.
Kanakapura Road is appealing to investors because it is comparatively less expensive than some other regions of Bengaluru. Several infrastructure projects have also made the area appealing to developers and homebuyers.
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The real estate prices in Kanakapura Road are relatively cheaper than in some other parts, making it attractive for investment.
The average residential rentals in the area vary from ₹25,000 per month to ₹30,000-35,000, depending on the type of development.
