Bengaluru-based real estate giant, the Puravankara group, is set to embark on significant expansion in Chennai and Coimbatore. Abhishek Kapoor, Executive Director and CEO, shared the ambitious goal of developing 4.2 million sq ft of residential space in these cities by the first quarter of FY25.
The upcoming projects include a substantial 3 million sq ft in Chennai, with the remaining focused on Coimbatore. Kapoor expressed confidence in achieving the target of 15 million sq ft of developments by FY24, aiming for a revenue milestone of Rs 1,000 crore this year and a hopeful Rs 2,000 crore by the next.
Puravankara is also eyeing major expansions in Hyderabad, Kochi, Mumbai, and Pune through Purvaland, its plotted development arm. In Bengaluru, the company plans to launch a whopping 7.6 million sq ft of residential developments, projecting a top line of approximately Rs 5,000 crore by March 2024.
The Bengaluru launches will primarily be in northern areas like Hebbal, IBC Road, and Medahalli, with additional projects in the south-eastern regions such as Bellandur and Saukya Road. Of the upcoming launches, around 3.7 million sq ft will be under Provident Housing, and the remainder under Puravankara and Purva Land.
In a significant move, Puravankara announced the 50-acre Phase 1 launch of Purva Soukhyam, its largest themed plotted development in Chennai. The expansive project, spanning 120 acres, will feature around 2,200 plots ranging from 600-5,000 sq ft. Positioned in Guduvancheri, southern Chennai, Purva Soukhyam has garnered interest from NRI investors and is expected to serve as a second home for residents in central Chennai.
Despite challenges related to land acquisition titles in plotted development, Kapoor highlighted the sector’s uptick post-pandemic, particularly among first-time homebuyers aged 35-50. Notably, Purva Asset Management, a Puravankara subsidiary, launched a Rs 750 crore alternative investment fund in 2022, focusing on affordable housing and plotted developments across multiple cities.
With Rs 93 crore already deployed in Chennai, Kapoor revealed plans to invest an additional Rs 300 crore in Bengaluru and Chennai by the end of FY24, showcasing Puravankara’s commitment to robust growth in the real estate sector.