Real estate developer Puravankara has acquired a 3.63-acre land parcel in Kanakapura Road, Bengaluru.
The saleable area of the project will be around 5.42 lakh sq ft, with a potential Gross Development Value (GDV) of over ₹700 crore.
“This acquisition aligns with the company’s strategic vision to expand its footprint in key Bengaluru micro-markets with robust infrastructure, connectivity, and residential demand,” the company said in an exchange filing.
Puravankara also said the land parcel is in a prime location on Kanakapura Road and enjoys seamless road and metro connectivity to prominent parts of the city. It is located 1 km from Thalaghattapura Metro Station on the Green Line of Namma Metro. JP Nagar, a well-established residential and commercial hub, is about 7 km away. The area also boasts robust social and retail infrastructure
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“This strategically located land parcel is in a micro-market with buoyant demand and low availability of land for development. Given its excellent connectivity and well-established infrastructure, it has significant potential for premium residential development. Our focus will continue to be on business development to replenish our land bank in such strategic locations with favourable demand-supply conditions,” said Ashish Puravankara, Managing Director at Puravankara.
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Shares of Puravankara Ltd. closed 2.68% lower on Thursday at ₹369.95. The stock has gained nearly 70% over the last 12 months.
