New Delhi: Realty firm Puravankara Ltd has acquired a 14.57-acre land parcel in Bengaluru to develop a housing project with a revenue potential of around Rs 2,300 crore.
In a regulatory filing on Monday, the company said it has secured a 14.57-acre land parcel located in Mandur, Budigere, in Bengaluru.
Out of the total area, 7.92 acre is part of a joint development agreement (JDA), while 6.65 acre has been purchased by Puravankara, as per the filing.
The total saleable area for the entire project will be about 1.8 million sq ft, while the potential gross development value (GDV) is around Rs 2,300 crore.
Puravankara Ltd did not disclose the land cost and revenue or profit-sharing terms to the landowner in the JDA.
Ashish Puravankara, Managing Director of Puravankara Ltd, said, "This deal is part of our ongoing efforts to systematically add high-quality projects to our launch pipeline across strategic micro-markets. This reflects our disciplined approach to growth, a long-term view for the organisation, and confidence in the fundamentals of these markets."
With this latest acquisition, the company's total land bank in terms of developable area in Bengaluru stands at 25.61 million sq ft.
Puravankara has completed 95 projects so far, totalling 57 million sq ft across nine cities - Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune and Goa.
