Investment of INR 93 Cr by Purvankara Asset Management in Guduvancheri, Chennai Plotted Development Boosts The Real Estate Market There
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- 30th Oct 2022
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Purvankara Asset Management, a subsidiary of the real estate company Purvankara, has invested Rs 93 crore from its second alternative investment fund (AIF-II) in a Chennai projected development project. The Guduvancheri project has a development potential of 1.3 million square feet. This is Purvankara's second residential subdivision in Chennai.
"Within three days after its debut, the Purva Southbay project in Chennai had sold out. As a result of the success of our alternative investment fund, Ashish Purvankara, MD of Purvankara Ltd., has acquired a new 51-acre development in Guduvancheri, Chennai, with a potential top line of Rs 350 crores.
This year, the company garnered over Rs 200 crore in investor commitments, marking the first closing of its first alternative investment fund (AIF-II). Launched with a goal corpus of Rs 750 crore, the majority of the first contributions come from domestic UHNIs and family offices.
The fund would invest in a combination of planned and residential projects marketed under the 'Purva Land' and 'Provident' brands in Bangalore, Pune, Chennai, Hyderabad, Chennai, and MMR. It would also invest in six to eight medium-sized Provident Housing projects with a four-year construction schedule.
The fund is sponsored by Purvankara, and the two parties will co-invest in initiatives and buy pieces of property. In addition, the company's sales for the second quarter of any fiscal year since inception have reached a record high of Rs 793 crore, up 33% from Rs 590 crore in Q2 FY22.
Each day, the demand for real estate reaches new heights, and as the holiday season approaches, we anticipate this trend to continue. Abhishek Kapoor, CEO of Purnvankara, said that the company's second-quarter and first-half revenues for any fiscal year since inception were the greatest ever.
All said and done this huge invest for this plotted project by Purvankara Asset Management will surely bring a lot more momentum to the Guduvancheri real estate sector.
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