Real estate developer Puravankara is eyeing the overseas market for expansion. The company's maiden project in a foreign soil is coming up in Sri Lanka.
The company had invested on the land some years back, but postponed development as the situation was not congenial for promoting mega projects. “We were waiting for the right time to develop it,” a senior official of the company told Business Line .
Stating that Purvankara would make an announcement about this upcoming project before the end of the current calendar year, the official said “the site is located en route to the airport from Colombo city. It is a 25-acre plot and we have the necessary approvals in place from the respective authorities.”
The real estate development major also owns another piece of land within the city limits, but would look at developing the same at a later date he said, referring to the land holding in Colombo.
“The project would comprise of apartments and mid-segment dwelling units,” he said without disclosing more details about the company's overseas venture.
In India, Puravankara is planning to reach out to 22 cities over the next five years. The company is planning to moot projects in Tiruchi, Salem, Madurai and so on among other locations.
The company, meanwhile, has expressed its intent to hike the price of ‘Purva Bluemount' – a project under construction at Singanallur in Coimbatore, from November 21.
The project is sitting on 16.86 acre, with a planned layout of 1,116 units, comprising two and three bedroom apartments ranging from 1,352 sq feet to 1,872 sq feet. Construction is under way, work commenced around May 2011.
According to the company's Sales and Marketing Director, Mr P.C. Sukanand, 150 units have been sold out till date and the response ‘positive'.
He disagreed when pointed out that five years ago, a project of this size would have been completely sold out as soon as an announcement was made to this effect by stating ‘in housing projects, seeing is believing. It is not like selling a FMCG product. Buying a property is an investment.”
When asked to quantify the increase, Mr Sukanand said, “it is only marginal and is more due to hike in the price of steel, cement etc.”
The company has tweaked its marketing strategy by hosting a dinner for the prospective and existing Puravankara home owners. It has also offered a 2 per cent reward to any Purva Home Owner (on the basic price of the property) for referral enquiries.