Puravankara Acquires 7.26 Acre Land in Bengaluru for ₹900 Crore Housing Project

Bengaluru-based real estate developer Puravankara Ltd has made a strategic move by acquiring a 7.26-acre land in the Hebbagodi suburb of Bengaluru. This acquisition is set to facilitate the development of a luxury residential project valued at over ₹900 crore, marking a significant expansion in the company's residential portfolio.

The upcoming high-end housing project will include a saleable area of approximately 7.5 lakh square feet, translating to a substantial gross development value (GDV) exceeding ₹900 crore. This move aligns with Puravankara's broader strategy to tap into high-demand markets and capitalize on lucrative real estate opportunities.

Hebbagodi, located within a 5 km radius of Bengaluru’s prominent IT hub, Electronic City, is a rapidly developing locality. Its proximity to major tech parks and employment centers makes it increasingly attractive to homebuyers and investors. The demand for residential real estate in this area is high, and the supply of available land is limited, making this acquisition particularly significant. Ashish Puravankara, Managing Director of Puravankara Limited, highlighted Hebbagodi's potential as a mature market with constrained residential real estate and land supply.

This acquisition follows closely on the heels of Puravankara's recent purchase of a 12.75-acre land parcel near Mumbai. The Mumbai project, also a residential venture, boasts a projected GDV of ₹5,500 crore over its lifecycle. These acquisitions are part of Puravankara’s strategic plan to expand its footprint in key metropolitan markets and enhance its residential offerings to meet growing demand.

With the latest acquisition, Puravankara has added a total potential GDV of ₹1,550 crore to its Bengaluru portfolio for the ongoing financial year. The company's portfolio in the Mumbai Metropolitan Region now includes a total potential GDV of over ₹7,500 crore. Looking ahead, Puravankara plans to launch around 14 million square feet of projects in FY25 from its existing land bank, indicating a strong pipeline of future developments.

The luxury residential project in Hebbagodi is expected to attract interest from homebuyers, given the locality’s appeal and Puravankara’s reputation for delivering high-quality developments. As Bengaluru continues to grow as a major tech and innovation hub, the demand for premium residential properties is expected to remain robust, offering a favourable market environment for Puravankara’s new project.