Puravankara Ltd. has acquired a land parcel in Bengaluru with a gross development value of Rs 900 crore. The company plans to use the land to develop a luxury residential project.
The real estate firm has bought a 7.26-acre land parcel in Hebbagodi on the outskirts of Bengaluru, the company said in an exchange filing on Tuesday. The saleable area of the project will be around 7.5 lakh sq ft, the company said.
The area is located near the Electronics City hub, with major hospitals, international schools and retail outlets in close proximity.
The company also recently announced the acquisition of a 12.75-acre land parcel in Thane's Ghodbunder Road and Lokhandwala in Mumbai, with a potential total GDV of Rs 5,500 crore.
"With the acquisition of landowner shares of 8,20,661 sq ft in Provident Adora De Goa, Provident Botanico and Provident Capella, along with the 7.26 acres of land in Hebbagodi, the group has added a potential total GDV of Rs 1,550 crores in addition to the recent acquisitions in Mumbai," said Ashish Puravankara, the company's managing director.
In the previous financial year, the company sold over 7.35 million square feet and plans to launch 14 million square feet in FY25.
Shares of Puravankara closed 3.81% higher at Rs 540 apiece on Tuesday compared with a 0.07% decline in the NSE Nifty 50 Index.
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