Puravankara Group intends to enter the Delhi-NCR market and expand in Mumbai
By Bricksnwall | 2024-01-18
Over time, the real estate developer based in
Bengaluru anticipates that 40 percent of its business will come from Mumbai and
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
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