Advertisement
Puravankara Group has signed a joint development agreement (JDA) for a INR 1,000 crore housing project on a 5.5-acre land parcel in Balagere, East Bengaluru. The project will offer 0.83 million sq ft of saleable area and is expected to launch within 6-9 months. While the landowner and revenue-sharing terms remain undisclosed, the deal aligns with Puravankara's strategy to expand in Bengaluru's high-growth micro-markets. Balagere's appeal lies in its proximity to major IT hubs and established infrastructure. Earlier this year, the company secured projects on Kanakapura Road and in North Bengaluru, collectively valued at INR 4,000 crore. Puravankara operates across nine cities with 90+ completed projects.
Realty firm Puravankara Group recently announced it has partnered with a landowner to develop a housing project worth around Rs 1,000 crore at Balagere, in East Bengaluru. In a regulatory filing, the company confirmed that it has signed a joint development agreement (JDA) for a 5.5-acre land parcel in East Bengaluru, with an estimated gross development value (GDV) of over INR 1,000 crore. Advertisement
The land parcel offers a total combined saleable area of 0.83 million square feet. Puravankara did not mention the name of the landowner with whom it has signed the JDA and also did not disclose the revenue or profit sharing structure. The project, located in Balagere, is expected to be launched in the next 6-9 months.
Ashish Puravankara, Managing Director of Puravankara, said, "This joint development underscores our sustained growth strategy and reaffirms our confidence in East Bengaluru, one of the city's most dynamic and promising micro-markets."
Mallanna Sasalu, CEO - South, Puravankara Ltd, said Balagere has emerged as a high-potential residential micro-market, driven by its proximity to key IT hubs and well-established infrastructure.
Earlier this year, Puravankara acquired a 3.63-acre land parcel in Kanakapura Road, Bengaluru, with an estimated GDV of Rs 700 crore. It also announced a joint venture with KVN Properties to develop a 24.59-acre land parcel in North Bengaluru, with a potential GDV of Rs 3,300 crore.
Puravankara has completed more than 90 projects covering 53 million sq ft across nine cities -- Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company's total land bank is 25 million square feet and ongoing projects add up to 37 million square feet.
Source: PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
