Puravankara Group intends to enter the Delhi-NCR market and expand in Mumbai

By Bricksnwall | 2024-01-18

Puravankara Group intends to enter the Delhi-NCR market and expand in Mumbai

Over time, the real estate developer based in Bengaluru anticipates that 40 percent of its business will come from Mumbai and Pune.

While Puravankara Ltd., a real estate developer located in Bengaluru, has its sights set on the Delhi-NCR market. anticipates that in the long run, the western markets of Mumbai and Pune would account for 40% of its business in value terms.

"We anticipate significant sales growth in Mumbai and Pune. Mumbai and Pune account for up to 40% of our business in terms of value over time, purely due to Mumbai's higher price per square foot. Southern markets would continue to rule in terms of square footage, Group CEO Abhishek Kapoor stated to Business Today on Thursday during a press conference in Chennai.

With offices in Bengaluru, Hyderabad, Chennai, Kochi, Coimbatore, Mangalore, Goa, Mumbai, and Pune, the company is developing 29 million square feet of space for its residential Puravankara, Provident Housing Limited, and Purva Land business lines in addition to commercial projects. According to Kapoor, the company would have developed 15 million square feet of launches throughout these cities by March 2024. He continued by saying that their goals are to generate Rs 1,000 crore in income this year and Rs 2,000 crore the following.

It recently won redevelopment projects in Lokhandwala, a neighborhood of Mumbai. We are aggressively seeking other redevelopment opportunities in other parts of Mumbai. We are also assessing our options in Pune," he stated.

"We want to increase our market share in Bengaluru, Chennai, Mumbai, Pune, Hyderabad, and Bangalore. We'll keep growing our company in these areas. NCR is constantly on the wane. We'll assess prospects when the time is right," he stated.

The company has developed 45 million square feet across more than 80 projects to date, with a land bank of 40 million square feet spread across several locations.

Purva Land, the company's planned development arm, announced on Thursday the commencement of the first phase of a 120-acre project in Guduvancheri, Chennai, which is near the Grand Southern Trunk Road. A total of 2,200 plots ranging in size from 600 to 5,000 square feet will make up the project, of which the first phase would occupy 50 acres.

Plots that are between 800 and 1,800 square feet make up more than 80% of the total.

Source - : Business Today