Bengaluru-based real estate company Puravankara Ltd has set its sights on Mumbai and Pune as its new focal points for redevelopment projects in the upcoming fiscal year. The company, which recently achieved a remarkable sales milestone of over ₹5,900 crore, plans to capitalize on the potential of these two bustling cities.
Abhishek Kapoor, Group CEO of Puravankara Ltd, expressed enthusiasm about the expansion into Mumbai and Pune, emphasizing the company’s interest in redevelopment initiatives. Kapoor revealed that Puravankara is currently in advanced discussions to redevelop three to four housing societies in Mumbai. Not stopping at residential projects, the company is also exploring opportunities in commercial redevelopment.
In a significant move, Puravankara secured the residential redevelopment rights for two housing societies in Mumbai last November, projecting a potential revenue of ₹1500 crore from these ventures. Meanwhile, the company is actively engaging in outright and joint development agreements in Pune, indicating its commitment to establishing a strong presence in both cities.
While Mumbai and Pune take centre stage for now, Kapoor hinted at the company’s broader ambitions, stating that Puravankara aims to become a national developer. He revealed that the National Capital Region (NCR) is on the company’s radar for future expansion.
In addition to the strategic focus on Mumbai and Pune, Puravankara is actively pursuing land acquisitions to replenish its inventory. The company has set its sights on acquiring 10 million square feet of land in key markets such as Bengaluru, Hyderabad, Chennai, Mumbai, and Pune.
Despite the ongoing water crisis in Bengaluru, Kapoor assured that Puravankara’s construction activities have not been affected thus far. He acknowledged the infrastructure challenges cities face due to rapid urbanization and emphasized the need for collective public and government efforts to find sustainable solutions.
As Puravankara sets its sights on new horizons, the real estate industry eagerly awaits the company’s upcoming board meeting, where projections for new launches will be announced. With several million square feet of projects in the pipeline, including those that couldn’t be launched last year, the market can anticipate a wave of exciting developments from Puravankara shortly.
