Listed real estate developer Puravankara Limited has purchased a 1.25 lakh square feet land parcel in North Bengaluru’s Yelahanka suburb for ₹134.71 crore, property registration documents accessed through real estate data analytics portal Propstack showed.
The deal, which was registered on September 18, named CV Projects Private Limited as the seller. Meanwhile, PPL Hebbal Developers Private Limited, a Puravankara company, was listed as the buyer in the documents.
Also Read: Puravankara acquires 7-acre land parcel in Bengaluru to develop housing project worth ₹900 crore
A query sent to CV Projects Private Limited by HT.com on mail did not elicit a response. The story will be updated once a response is received.
Puravankara Limited did not comment. The company is gearing up to raise up to ₹1,000-crore via the qualified institutional placement mode.
Business performance
Puravankara Limited reported flat sales bookings of ₹1,128 crore for the April-June quarter of financial year 2024-25 blaming deferment of planned launches to the second quarter of the fiscal for the tepid result.
The real estate player clocked 39% year-on-year growth in quarterly collections to ₹965 crore in the three-month period ended June 2024. Collections in the first quarter of financial year 2023-24 stood at ₹696 crore, as per the regulatory filing.
“The revenue recognised went up to ₹676 crore on account of higher delivery of 929 units, a 108% growth over last year’s delivery, demonstrating our commitment and focus on operations,” said Ashish Puravankara, Managing Director, Puravankara Limited, in the company statement.
Also Read: Puravankara Ltd in advanced stages of discussion for redevelopment of 3-4 housing societies in Mumbai: Group CEO
Average price realisation during the quarter increased 6% year-on-year to ₹8,746 per square feet, the company statement said.
Puravankara Limited added 3.25 million square feet to its portfolio during the June quarter, including a 7.26-acre land parcel in Bengaluru and a 12.77-acre land parcel in Mumbai. Earlier the company had announced that it has also bought out the landowner share of 0.83 million square feet in three projects by Provident in Goa and Bengaluru.
North Bengaluru, a sought-after real estate market
Earlier this year, Mumbai-headquartered real estate developer Godrej Properties acquired a 7-acre land parcel in North Bengaluru to build a luxury housing project with an estimated revenue potential of ₹1,200 crore.
North Bengaluru has emerged as a sought-after real estate market in recent years, owing to a host of infrastructural developments such as expansion of the Kempegowda International Airport, construction of multiple flyovers, improving metro network under Phase 2 and 3 of the Bangalore Metro Rail Project, the proposed Peripheral Ring Road and so on.
Also Read: Puravankara Limited reports flat sales bookings of ₹1,128 crore in Q1 FY25
A rising number of technology majors and real estate conglomerates have shifted increasing focus to North Bengaluru, building IT parks and opening up offices in areas such as Yelahanka, Jakkur, Hebbal and Thanisandra, among others.
IT services major Infosys earlier this year opened a 5-lakh square feet office facility in Yelahanka’s NorthGate Office Park. Meanwhile, a 41-acre campus in Devanahalli is currently under construction for SAP Labs.
According to a July 2024 report by property consultancy Anarock, at the end of the April-June quarter of the ongoing calendar year, North Bengaluru commanded the highest average capital values of more than ₹7,000 per sq ft among the city’s four corners.
