The acquisition aligns with Puravankara’s broader strategy to strengthen its presence in high-potential micro-markets across Bengaluru. (Image used for representational purposes only)
Real estate developer Puravankara Group has announced the joint development of a 5.5-acre land parcel in East Bengaluru, with a combined estimated gross development value (GDV) of over ₹1,000 crore. The proposed development, which offers a total combined saleable area of 0.83 million square feet, is expected to be launched in the next six to nine months. The land parcel is located in Balagere, East Bengaluru.
According to the company, the site benefits from strong residential demand due to its proximity to major IT hubs and well-established social and physical infrastructure. The acquisition aligns with Puravankara’s broader strategy to strengthen its presence in high-potential micro-markets across Bengaluru.
Commenting on the development, Ashish Puravankara, Managing Director, Puravankara Limited, said, “The scale and location of this project are ideal for an ultra-luxury offering tailored for individuals seeking a refined lifestyle that mirrors their success. It aligns with our broader vision of creating high-quality, community-focused housing across Bengaluru’s emerging corridors.”
Mallanna Sasalu, CEO – South, Puravankara Limited, added, “Balagere has emerged as a high-potential residential micro-market, driven by its proximity to key IT hubs and well-established infrastructure. This project, structured under a Joint Development Agreement (JDA), reflects our capital-efficient approach to growth. The micro-market has demonstrated steady sales and rental demand, reduced market risk and supports faster inventory take-off. We expect to bring the project to market in the next 6-9 months and are confident it will be a strong addition to our expanding portfolio.”
This announcement follows a string of recent land acquisitions and joint ventures by the group. Earlier this year, the company acquired a 3.63-acre land parcel in Kanakapura Road, Bengaluru, with an estimated GDV of over ₹700 crores. It also announced a joint venture with KVN Property Holdings LLP to develop a 24.59-acre land parcel in North Bengaluru, with a potential GDV of ₹3,300 crore.
Puravankara operates across nine cities and manages three residential brands, including Purva, Provident Housing, and Purva Land, catering to housing and plotted development needs. It has also diversified into Grade-A commercial developments (~3 million sq. ft.), technology-driven construction via its subsidiary Starworth Infrastructure and Construction Limited (SICL), and integrated interior design through Purva Streaks.
As of March 31, 2025, the group had completed over 90 projects totalling around 53 million square feet and holds a land bank of approximately 25 million square feet, with 37 million square feet currently under development.
This announcement comes shortly after the group won the redevelopment mandate for eight residential societies in Chembur, Mumbai. The project offers a total development potential of over 1.2 million square feet, spread across approximately 4 acres, with an estimated gross development value (GDV) of ₹2,100 crore.
After securing the development rights for marquee locations such as Breach Candy, Pali Hill, and Lokhandwala, Bengaluru-based real estate developer Puravankara has now wonFor Q4FY25, the company recorded a consolidated net loss of ₹85.82 crore for the fourth quarter of FY25, a 13 times year-on-year (y-o-y) increase in loss, compared to ₹6.59 crores in Q4FY24. The company’s revenue from operations for the quarter stood at ₹541.57 crore, down 41 per cent from ₹919.97 crore in Q4 last year.
(With inputs from businessline intern Nethra Sailesh)
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Published on July 10, 2025