Puravankara acquires 15 acre land in Bengaluru for housing project; eyes Rs 2,300 crore revenue
Puravankara Ltd secured a 14.57-acre land parcel in Mandur, Budigere, Bengaluru, for a housing project with a potential gross development value of Rs 2,300 crore. The acquisition includes 7.92 acres under a joint development agreement and 6.65 acres purchased outright, expanding the company’s Bengaluru land bank to 25.61 million sq ft developable area.
Real estate developer Puravankara Ltd announced the acquisition of a 14.57-acre land parcel in Mandur, Budigere, on the outskirts of Bengaluru. The company revealed in a regulatory filing that the land will be used for a housing project, with 7.92 acres secured under a joint development agreement (JDA) and 6.65 acres purchased directly. The total saleable area for the project is estimated at 1.8 million sq ft, with a potential gross development value (GDV) of Rs 2,300 crore. The company did not disclose the land cost or profit-sharing terms in the JDA. Managing Director Ashish Puravankara stated that the acquisition aligns with the company’s strategy to expand its high-quality project pipeline across key markets. He emphasized the company’s disciplined growth approach and confidence in Bengaluru’s real estate fundamentals. With this acquisition, Puravankara’s total developable land bank in Bengaluru now stands at 25.61 million sq ft. The company has previously completed 95 projects totaling 57 million sq ft across nine cities, including Bengaluru, Chennai, Hyderabad, and Mumbai. Puravankara’s expansion reflects its focus on strategic micro-markets and long-term growth. The project in Mandur, Budigere, is expected to contribute significantly to the company’s revenue targets while reinforcing its presence in Bengaluru’s residential sector.
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