Bengaluru-based Puravankara Ltd anticipates that the western markets of Mumbai and Pune will contribute 40% of its business in terms of value in the long run. Additionally, the real estate developer is also targeting the Delhi-NCR market.
“We expect Mumbai and Pune to significantly increase their sales numbers. Over time, we project that up to 40% of our business value will come from the west (Mumbai and Pune) due to the higher per square foot value in Mumbai. However, in terms of square footage, the southern markets will continue to dominate,” stated Group CEO Abhishek Kapoor during a press meet in Chennai on Thursday.
The company is currently operating in Bengaluru, Hyderabad, Chennai, Kochi, Coimbatore, Mangalore, Goa, Mumbai, and Pune. It has 29 million sqft of ongoing projects in its residential business lines (Puravankara, Provident Housing Limited, Purva Land) as well as commercial projects. Kapoor mentioned that by March 2024, the company aims to complete the development of 15 million sqft across these cities. He also stated that their revenue target for this year is Rs 1,000 crore, and Rs 2,000 crore for the next year.
Puravankara recently secured redevelopment projects in Mumbai’s Lokhandwala. Kapoor said, “In Mumbai, we are actively pursuing other redevelopment opportunities in different parts of the city. We are also evaluating opportunities in Pune.”
“Our focus is to gain more market share in the five cities of Bengaluru, Chennai, Mumbai, Pune, and Hyderabad. We will continue to expand our business in these markets. NCR is also on our radar, and we will evaluate opportunities at the right time,” Kapoor added.
The company currently possesses a land bank of 40 million sqft across various cities and has completed a total of 45 million sqft across more than 80 projects.
On Thursday, Purva Land, the company’s plotted development arm, announced the launch of the first phase of a 120-acre project in Chennai’s Guduvancheri, near the Grand Southern Trunk Road. The first phase covers 50 acres, and the entire project will consist of approximately 2,200 plots ranging from 600-5,000 sq ft. The majority of the plots, over 80%, are in the range of 800-1,800 sq ft. Praveer Gill, President of Purva Land, mentioned that the project has attracted NRI investors from Dubai and is expected to cater to those looking to build a second home outside central Chennai.
