Real estate company Puravankara Ltd on Thursday said it has acquired 3.63-acre land parcel in Bengaluru to build a housing project with an estimated revenue of Rs 700 crore.
The land parcel, located at Kanakapura Road, Bengaluru, will have a saleable area of 5.42 lakh sq ft and a total estimated Gross Development Value of more than Rs 700 crore, the company said in a regulatory filing.
The company did not divulge the land acquisition value and the name of the seller.
"This strategically located land parcel is in a micro-market with buoyant demand and low availability of land for development. Given its excellent connectivity and well-established infrastructure, it has significant potential for premium residential development," Ashish Puravankara, Managing Director at Puravankara Ltd, said.
He said the company's focus would continue to be on business development to replenish its land bank in such strategic locations with favourable demand-supply conditions.
Puravankara is one of the leading real estate developers in the country.
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