Puravankara Limited Plans to Expand Land Bank to 45 Million Sq. Ft. in Two Years.
Puravankara Limited plans to expand its land bank to 45 million square feet over the next two years. This strategy focuses on acquiring key land parcels in major cities like Bengaluru, Chennai, Mumbai, and Pune, with further expansion into other urban areas.
The company's current land bank of 28.33 million square feet is already spread across various major cities like Mumbai, Kochi, and Bengaluru. As part of its growth blueprint, the real estate developer plans to add 5.75 million square feet of land, a move expected to generate a Gross Development Value (GDV) exceeding ₹10,000 crore. This growth reflects Puravankara’s strong commitment to scaling its operations and solidifying its presence in India's most sought-after real estate markets.
According to Abhishek Kapoor, Group Chief Executive of Puravankara, the company has set an ambitious target to replenish its land bank while simultaneously rolling out new projects. Over the next two years, Puravankara aims to announce multiple new developments across its focus cities. The company’s projects slated for launch in the second half of the fiscal year 2025 include a diverse range of offerings across Bengaluru, Mumbai, Pune, Chennai, and Coimbatore.
In Bengaluru alone, Puravankara plans to introduce four projects, while Mumbai and Kochi will each see the launch of two new projects. Additionally, the company intends to debut developments in Chennai and Pune. Together, these upcoming launches will account for 12 million square feet of newly developed space in the second half of the financial year, showcasing Puravankara’s strategic vision for market expansion.
Puravankara's presence in the Mumbai Metropolitan Region (MMR) has been particularly significant, with the company actively pursuing redevelopment projects in the city. This focus aligns with Mumbai’s demand for modernized residential complexes, and Puravankara’s plans include key redevelopment initiatives in South Mumbai’s Breach Candy and the bustling neighborhood of Lokhandwala in Andheri West.
The first half of FY25 has been fruitful for Puravankara, with the company reporting a total sales value of ₹2,459 crore, reflecting strong demand for its residential and commercial properties. Customer collections during this period also saw a notable increase, climbing by 27% to ₹1,998 crore, compared to ₹1,575 crore in the first half of FY24. This financial performance highlights Puravankara’s ability to maintain momentum in a competitive real estate market, with the company poised to capitalize on the upcoming festive season.
Ashish Puravankara, Managing Director of Puravankara Limited, expressed confidence in maintaining this upward trajectory, citing the upcoming launches as a key driver of future growth. The projects slated for the second half of the financial year are expected to deliver a GDV of over ₹13,000 crore, further cementing the company’s position as a major player in the Indian real estate sector.
One of the key components of Puravankara’s growth strategy is its focus on the redevelopment of aging properties in Mumbai, a city known for its limited availability of fresh land. In recent months, the company has secured redevelopment rights for Miami Apartments in Breach Candy, marking its entry into the luxury residential market in South Mumbai. The redevelopment project, which has a potential GDV of ₹700 crore, represents a significant step in Puravankara’s expansion into high-end residential real estate.
In addition to the Breach Candy project, Puravankara has expanded its footprint in Lokhandwala, Andheri West, by acquiring four additional societies for redevelopment. This acquisition brings the total land area in the region to 4.3 acres, with a combined potential GDV of ₹2,350 crore. The company’s focus on redevelopment allows it to tap into Mumbai’s lucrative real estate market while addressing the city’s pressing need for modern housing solutions.
To propel its ambitious expansion plans, Puravankara has also signed strategic Joint Development Agreements (JDAs) in key markets. In Bengaluru, the company has entered into a JDA for a prime 1.95-acre land parcel located in the Electronics City micro-market, adjacent to its existing Purva Westend project. This new development will feature a saleable area of 2.6 lakh square feet, with a potential GDV of ₹250 crore.
Such partnerships are crucial to Puravankara’s ability to rapidly scale its operations, particularly in high-demand urban areas where securing prime land is both challenging and expensive. By leveraging JDAs, the company is able to mitigate the risks associated with land acquisition while maximizing its development potential.
As the company continues to expand its land bank and roll out new projects, it remains committed to delivering high-quality developments that meet the evolving needs of India’s real estate market.
