Puravankara inks joint development agreement for 5.5-acre project in East Bengaluru with GDV of over ₹1,000 crore
₹ 1,000 crore. (Representational Image) (File Photo)
Located in Balagere, the project is expected to offer a total saleable area of 0.83 million sq ft and a planned launch timeline of six to nine months.
"This joint development underscores our sustained growth strategy and reaffirms our confidence in East Bengaluru, one of the city's most dynamic and promising micro-markets. 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," Ashish Puravankara, Managing Director, Puravankara Limited, said.
The move is part of the company's continued strategy to scale up in high-demand Bengaluru micro-markets that offer strong infrastructure and residential traction. Located close to major IT corridors and supported by physical and social infrastructure, Balagere has emerged as a hotspot for premium and mid-segment housing.
"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," Mallanna Sasalu, CEO of South, Puravankara Limited, said.
Also Read: Puravankara to redevelop eight housing societies in Mumbai's Chembur with a gross development value of ₹2,100 crore
Previous transactions in Bengaluru
In May, the company announced a joint venture to develop a 24.59-acre land parcel in North Bengaluru with an estimated gross development value of ₹3,300 crore. The land parcel has a total saleable area of approximately 3.48 million sq ft, and the project is expected to be launched by November-December.
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.
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