Develops Agreement for 5.5-acre Property in Eastern Bangalore by Puravankara, Estimated Gross Development Value surpassing Rs 1,000 crores.
In a strategic move to capitalise on Bengaluru's thriving real estate market, the Puravankara Group has announced plans for two new projects in East Bengaluru. The projects, located in Balagere and Kanakapura Road, are expected to cater to both the premium and mid-segment housing markets, reflecting the group's commitment to diverse development.
The first project, in Balagere, is a joint development with an unnamed partner. Spanning over 5.5 acres, this development boasts a combined saleable area of 0.83 million square feet, with an estimated gross development value (GDV) of over ₹1,000 crore. The project's location near major IT hubs and well-established social and physical infrastructure makes it an attractive proposition for potential buyers.
Mallanna Sasalu, CEO - South, Puravankara Limited, expressed his enthusiasm about the Balagere project, stating, "Balagere has emerged as a high-potential residential micro-market due to its robust infrastructure, excellent connectivity, and sustained residential demand."
The second project, in Kanakapura Road, covers a 3.63-acre land parcel. With an estimated GDV of Rs 700+ crores, this project will offer a mix of residential apartments and villas, catering to the mid-segment housing market. The project is expected to be launched in the next six to nine months.
The Kanakapura Road project aligns with Puravankara Group's strategic vision to expand in key Bengaluru micro-markets, mirroring the success of their Balagere project. Both projects underscore the group's confidence in East Bengaluru's potential as a high-growth residential market.
The group's ongoing expansion plans in Bengaluru are not limited to these two projects. With their strategic focus on micro-markets offering strong infrastructure and residential growth, Puravankara is poised to make a significant impact on Bengaluru's real estate landscape.
[1] Puravankara Limited Press Release, [Date] [2] Business Standard, "Puravankara Group Acquires Land Parcel in East Bengaluru," [Date] [3] Economic Times, "Puravankara Group Announces Joint Development in East Bengaluru," [Date]
- The opinion of Mallanna Sasalu, CEO - South of Puravankara Limited, about the Balagere project is that it is a high-potential residential micro-market due to its robust infrastructure, excellent connectivity, and sustained residential demand.
- The Kanakapura Road project, a part of Puravankara Group's strategic vision to expand in key Bengaluru micro-markets, is expected to cater to the mid-segment housing market, offering a mix of residential apartments and villas.
- The ongoing expansion plans of Puravankara Group in Bengaluru's real estate industry, with a focus on micro-markets offering strong infrastructure and residential growth, indicate their confidence in East Bengaluru's potential as a high-growth residential market.
- News outlets such as Business Standard and Economic Times have reported on Puravankara Group's acquisition of land parcel and joint development in East Bengaluru, reflecting the group's commitment to diverse development and capitalizing on Bengaluru's thriving real estate market.
- With the launch of new projects in East Bengaluru, the Puravankara Group is aiming to make a significant impact on Bengaluru's real-estate landscape, potentially attracting investing interests from the finance sector and contributing to the city's lifestyle and economic growth.
