Puravankara Limited, India’s 5th best brand as per Track2Realty BrandXReport 2023-24, has acquired a 7.26-acre land parcel in Hebbagodi, Bengaluru.
The land parcel at Hebbagodi is strategically located near Electronics City and is well-connected to other parts of the city, making it an attractive location for residential developments. The area is a desirable location for IT professionals working in Electronics City. The area has a well-developed social infrastructure, with major hospitals, international schools and retail, and the IT hub of Electronics City Phase 1 and Phase 2, located within a 5-km radius.
The land parcel is also close to the Hebbagodi Metro Station. The proximity to IT campuses and the growing infrastructure and connectivity makes it an attractive option for homebuyers.
The saleable area of the project will be around 750,000 sq ft, with a potential Gross Development Value (GDV) of INR 900+ crores. 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 INR 5,500 crores over the project lifecycle.
“We are excited to announce the acquisition of this land parcel in Hebbagodi, Bengaluru. It is a mature market with a limited residential real estate and land supply. The company intends to develop a high-end luxury project of approximately 750,000 sq ft, bringing in the much-required supply of high-quality homes in the micro market with proximity to major industrial and IT hubs. With the acquisition of landowner share of 820,661 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 INR 1,550 crores in addition to the recent acquisitions in Mumbai,” said Ashish Puravankara, Managing Director of Puravankara Limited.
“In the previous financial year, we sold around 7.35 million square feet. With planned launches of around 14 million square feet for FY25 from our existing land bank, our focus shall continue to be on business development to replenish our land bank, keeping in mind the future growth plans of the group,” he added.
Track2Realty is an independent media group managed by a consortium of journalists. Starting as the first e-newspaper in the Indian real estate sector in 2011, the group has today evolved as a think-tank on the sector with specialized research reports and rating & ranking. We are editorially independent and free from commercial bias and/or influenced by investors or shareholders. Our editorial team has no clash of interest in practicing high quality journalism that is free, frank & fearless.
Subscribe our YouTube Channel @ https://bit.ly/2tDugGl
