July 3, 2024: Puravankara has acquired a 7.26-acre land parcel in Hebbagodi, Bengaluru. According to an official statement, the saleable area of the project will be around 7,50,000 sqft, with a potential gross development value (GDV) of Rs 900+ crore.
“We are excited to announce the acquisition of this land parcel in Hebbagodi, Bengaluru. It is a mature market with a limited residential real estate and land supply. The company intends to develop a high-end luxury project of approximately 7,50,000 sqft, bringing in the much-required supply of high-quality homes in the micro market with proximity to major industrial and IT hubs. With the acquisition of landowner share of 82,0,661 sqft in Provident Adora De Goa, Provident Botanico and Provident Capella, along with the 7.26 acre of land in Hebbagodi, the group has added a potential total GDV of Rs 1,550 crore in addition to the recent acquisitions in Mumbai,” said Ashish Puravankara, managing director, Puravankara.
“In the previous financial year, we sold around 7.35 million square foot (msf). With planned launches of around 14 msf for FY25 from our existing land bank, our focus shall continue to be on business development to replenish our land bank, keeping in mind the future growth plans of the group,” he added.
Hebbagodi is located near Electronics City and is well-connected to other parts of the city. The area has a well-developed social infrastructure, with major hospitals, international schools and retail, and the IT hub of Electronics City Phase 1 and Phase 2, located within a 5-km radius. The land parcel is also close to the Hebbagodi Metro Station.
Note that Puravankara recently also acquired a 12.75-acre land parcel in Thane’s Ghodbunder Road and Lokhandwala in Mumbai, with a potential total GDV of Rs 5,500 crore over the project lifecycle.
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