The company stated that this acquisition aligns with its strategic vision to expand its footprint in key Bengaluru micro-markets with robust infrastructure, connectivity, and residential demand.
The acquired land parcel in Vajrahalli, Kanakapura Road, spans an area of 3.63 acres, with a saleable area of 5.42 lakh sq. ft. and a total estimated GDV of more than Rs 700 crore.
The land parcel is in a prime location on Kanakapura Road and has seamless road and metro connectivity to prominent parts of the city. It is located 1 km from Thalaghattapura Metro Station on the Green Line of Namma Metro. J.P. Nagar, a well-established residential and commercial hub, is about 7 km away. The area also boasts robust social and retail infrastructure, added the realtor.
Ashish Puravankara, managing director, said: "We are excited to announce the acquisition of this land parcel at a prime location on Kanakapura Road, Bengaluru. This strategically located land parcel is in a micro-market with buoyant demand and low availability of land for development. Given its excellent connectivity and well-established infrastructure, it has significant potential for premium residential development. Our focus will continue to be on business development to replenish our land bank in such strategic locations with favourable demand-supply conditions.”
The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brands Surva and Provident, respectively. The group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune.
The company reported consolidated net loss of Rs 17.06 crore in Q2 FY25 as against net loss of Rs 11.22 crore posted in Q2 FY24. However, revenue from operations jumped 34.53% to Rs 495.54 crore in the September 2024 quarter.
The scrip shed 0.61% to Rs 377.60 on the BSE.