Bengaluru, India – Puravankara Ltd, a prominent real estate developer, is poised for strategic expansion into the bustling markets of Mumbai and Delhi-NCR. With Mumbai and Pune expected to contribute up to 40% of its business value over time, the firm is actively pursuing growth opportunities in these western markets, leveraging the higher per-square-foot value in Mumbai.
Regional Business Dynamics and Growth Forecast
Speaking at a press meet in Chennai, Group CEO Abhishek Kapoor highlighted the company’s growth projections, stating, “We expect Mumbai and Pune to catch up a lot in terms of sales numbers. Over time, we expect up to 40% of our business in value terms coming from the west (Mumbai and Pune) simply because of the higher per square foot value in Mumbai. In terms of square footage, southern markets will continue to dominate.”
Currently operating in key cities such as Bengaluru, Hyderabad, Chennai, Kochi, Coimbatore, Mangalore, Goa, Mumbai, and Pune, Puravankara Ltd has 29 million sqft under development. By March 2024, the company aims to achieve the development of 15 million sqft across these cities. Kapoor emphasized their revenue targets of Rs 1,000 crore by this year and Rs 2,000 crore by the next.
Strategic Moves in Mumbai and Beyond
Puravankara recently secured re-development projects in Mumbai’s Lokhandwala and is actively exploring additional opportunities in different parts of the city. Kapoor mentioned, “In Mumbai, we are actively pursuing other re-development opportunities in other parts of the city, too. We are evaluating opportunities in Pune also.”
While focusing on gaining more market share in Bengaluru, Chennai, Mumbai, Pune, and Hyderabad, Kapoor revealed that Delhi-NCR remains on their radar. He stated, “We always have NCR on the anvil. At an appropriate time, we will evaluate opportunities.”
Project Launch in Chennai and Global Investor Interest
On a parallel note, Purva Land, the plotted development arm of Puravankara, announced the launch of the first phase of a 120-acre project in Chennai’s Guduvancheri. The project, spanning 50 acres in its initial phase, is expected to comprise approximately 2,200 plots ranging from 600-5,000 sq ft. Purva Land President Praveer Gill noted that the project has attracted interest from NRIs, including investors from Dubai, and is envisioned to cater to those in central Chennai seeking a second home outside the city.
In conclusion, Puravankara’s strategic focus on Mumbai, Pune, and potential entry into Delhi-NCR reflects the company’s commitment to leveraging regional dynamics for sustained growth.
