Puravankara is eyeing the overseas market for expansion. The company’s maiden project in a foreign soil is coming up in Sri Lanka.
The company had invested on the land some years back, but postponed development as the situation was not congenial for promoting mega projects. “We were waiting for the right time to develop it,” a senior official of the company said requesting anonymity.
Stating that Purvankara would make an announcement about this upcoming project before the end of the current calendar year, the official said “the site is located en route to the airport from Colombo city. It is a 25-acre plot and we have the necessary approvals in place from the respective authorities.”
The real estate development major in Bangalore also owns another piece of land within the city limits, but would look at developing the same at a later date he said, referring to the land holding in Colombo.
“The project would comprise of apartments and mid-segment dwelling units,” he said without disclosing more details about the company’s overseas venture.
In India, Puravankara is planning to reach out to 22 cities over the next five years. The company is planning to moot projects in Tiruchi, Salem and Madurai among other locations.
