Sunday, July 14, 2024

Puravankara Unveils Ambitious Plans for 4.2 Million Sq Ft Residential Developments in Chennai and Coimbatore by FY25

Puravankara Group, a Bengaluru-based real estate developer, has announced plans to develop 4.2 million sq ft of residential projects in Chennai and Coimbatore by the first quarter of FY25, according to Abhishek Kapoor, Executive Director and CEO at Puravankara. Of this, approximately 3 million sq ft will be allocated to Chennai, while the remainder will be in Coimbatore.

As of now, the company has 15 million sq ft of developments in the pipeline for FY24, aiming for a revenue of Rs 1,000 crore by the end of this year and a target of around Rs 2,000 crore by the next year.

Puravankara is also expanding its real estate footprint in Hyderabad, Kochi, Mumbai, and Pune through Purvaland, its plotted development arm. In Bengaluru, the company is set to launch 7.6 million sq ft of residential developments, with an anticipated revenue of Rs 5,000 crore by March 2024. These launches will primarily be in northern parts like Hebbal, IBC Road, and Medahalli, as well as some projects in the southeastern areas like Bellandur and Saukya Road.

One noteworthy development is the announcement of Purva Soukhyam, the company’s largest themed plotted development in Chennai, covering 50 acres in Phase 1 and spanning 120 acres in total. The project will feature 2,200 plots ranging from 600 to 5,000 sq ft, with over 80 percent falling within the 800-1,800 sq ft range. Situated in Guduvancheri, southern Chennai, close to the Grand Southern Trunk Road, the project has attracted interest from NRI investors, particularly from Dubai.

Despite challenges related to land title acquisition during plotted development, Kapoor highlighted the growing interest in this segment post-pandemic. Puravankara has already deployed Rs 93 crore in Chennai from its Rs 750 crore alternative investment fund, aiming to invest an additional Rs 300 crore in Bengaluru and Chennai by the end of FY24.

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