Bangalore Based Puravankara Set to Initiate 15 million SqFt of Projects Tapping Almost INR 18,000 Crore in 2023-24

Bangalore Based Puravankara Set to Initiate 15 million SqFt of Projects

In 2023, Bengaluru-based real estate firm Puravankara Ltd intends to launch new projects comprising over 15 million square feet in Bengaluru, Chennai, Kochi, and Coimbatore, with a three-year revenue goal of Rs 18,000 crore.

According to Abhishek Kapoor, executive director and chief executive officer of Puravankara, the company is also focusing on redevelopment initiatives in Mumbai.

"Our goal for the current fiscal year is to sustain the momentum of new product launches." More than 15 million square feet (sq. ft.) of new product introductions are anticipated.

In addition, the real estate company will focus on redevelopment projects in Mumbai.

This year, nearly half of our new product launches will be marketed under the Provident brand, while the remainder will be marketed under Puravankara and Purva Land. With the introduction of these new products, our sold inventory will surpass Rs 11,000 crore. We anticipate a surplus of Rs 6,500 crore from completed and ongoing initiatives as of March 31, 2023," he said.

With the introduction of new products, the corporation anticipates revenues of approximately Rs 18,000 crores, he said.

The company introduced approximately 6 million square feet to the market in 2012, a 30 percent increase from the previous year. "We intend to more than double that number this year," Kapoor stated.

Approximately 7 million square feet will be introduced under the Provident brand, 3 million square feet will be introduced under the Purvankara brand (premium housing), and 5.6 million square feet will be introduced under the Purva Land brand (planned developments), he said.

These initiatives will be located in Bengaluru, Chennai, Kochi, the Western region, and Coimbatore, with Bengaluru hosting nearly half of the programmes.

Bengaluru will remain the company's strength pillar. Among the construction projects, both designated developments and high-rises will be present.

As much as 7 million sq. ft. of projects will be in Bengaluru, 4 million sq. ft. in Chennai, 2.5 million in Kochi, 1.25 million sq. ft. in the Western region, and around 1 million sq. ft. in Coimbatore are in the mix as per the property development company.

Pune & Mumbai - In Focus

In the Western region this year, Pune is the company's primary focus. "We are considering a second launch in Pune," he declared.

This year, the company plans to deliver over 3,000 housing units totaling over 3 million square feet.

The company will launch initiatives costing between 50 and 80 lakh rupees under the Provident brand. "We have observed expansion in this category. This gives us optimism regarding the expansion of Provident brand sales, he explained.

80 percent of the company's Puravankara-branded activity falls below the Rs. 2 crore threshold. "Therefore, we are eager to continue meeting this demand," he explained.

Concerning business endeavours, Purvankara plans to focus on two initiatives in Bengaluru: the Purva Zentech Business Park and the Purva Aero City.