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Puravankara Projects enters plotted development to diversify business

Thursday, 25 Feb 2021
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Puravankara Projects, a leading South India real estate firm, has forayed into plotted development in a bid to diversify its business and cater to surging demand for plots.

The firm plans to launch 5.5 million sq ft plotted development across Bengaluru, Coimbatore and Chennai apart from venturing into Pune, Hyderabad and Mumbai too under its subsidiary Purva Land.

The company will focus on developing plotted development projects across the existing micro-market on its own and under the joint development model apart from expanding affordable and luxury homes projects.

The company has completed and delivered 40 million sq ft of projects and has around 21 million sq ft of projects under development across residential and commercial segments.

The builder plans to launch nine million sq ft of residential assets over the next 12 months with its affordable housing arm, provident brand accounting for 82 percent of the launch pipeline.

The company has recently raised USD 76 million from IFC Emerging Asia Fund. The builder also plans to double its commercial and retail portfolio to 10 million sq ft by 2023.

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