Puravankara Limited, a realty major headquartered in Bengaluru has announced the acquisition of a 7.26-acre land parcel in Hebbagodi, Bengaluru. The project is expected to have a saleable area of around 750,000 sq ft, with a potential Gross Development Value (GDV) of more than ₹900 crores, according to a press release.
Hebbagodi, located near Electronics City, has been highlighted as a strategically relevant location for residential developments.
Ashish Puravankara, Managing Director of Puravankara Limited, noted the company’s expansion plans to develop a high-end luxury project on the acquired land. He further added, “This acquisition will increase the supply of high-quality homes in the micro market with proximity to major industrial and IT hubs”.
In addition to this, the company has secured 820,661 sq ft of landowner share in Provident Adora De Goa, Provident Botanico, and Provident Capella. Combined with the Hebbagodi acquisition, Puravankara has added a potential total GDV of ₹1,550 crores.
The company also recently secured a 12.75-acre land parcel in Thane’s Ghodbunder Road and Lokhandwala in Mumbai, with a potential total GDV of ₹5,500 crores over the project lifecycle.
In the previous financial year, Puravankara sold around 7.35 million square feet. With plans to launch around 14 million square feet for FY25 from their existing land bank, the company looks to replenish the land assets.