Bengaluru-based real estate developer Puravankara Group has entered into a joint development agreement (JDA) for a 5.5-acre land parcel in East Bengaluru. The project, located in Balagere, is expected to offer a total saleable area of 0.83 million sq ft and has a Gross Development Value (GDV) exceeding Rs 1,000 crore. According to Ashish Puravankara, MD, Puravankara, “This joint development underscores our sustained growth strategy and reaffirms our confidence in East Bengaluru, one of the cityโs most dynamic and promising micro-markets.”
The project is part of the companyโs strategy to scale up in high-demand Bengaluru micro-markets that offer strong infrastructure and residential traction. Mallanna Sasalu, CEO of south, Puravankara, said, “The micro-market has demonstrated steady sales and rental demand, reduced market risk and supports faster inventory take-off. We expect to bring the project to market in the next 6-9 months and are confident it will be a strong addition to our expanding portfolio.”
This is not the first time Puravankara has invested in Bengaluru. In May, the company announced a joint venture to develop a 24.59-acre land parcel in North Bengaluru with an estimated GDV of Rs 3,300 crore. The company has also acquired a 3.63-acre land parcel in Kanakapura Road, Bengaluru, with an estimated GDV of over Rs 700 crores.
Image Courtesy: Key Stone Real Estate Advisory
