Realty firm Puravankara Group on Thursday said it has partnered with a landowner to develop a housing project worth around ₹1,000 crore at Balagere, in East Bengaluru.
In a regulatory filing, the company informed 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 ₹1,000 crore." 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.
"This project, structured under a Joint Development Agreement (JDA), reflects our capital-efficient approach to growth," he added.
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.
