Bangalore-based Puravankara has said that the western markets of Mumbai and Pune account for 40% of its business in terms of value in the long term, even as the real estate developer has set its sights on the Delhi-NCR market as well. It is expected that the number of
“We expect Mumbai and Pune to catch up significantly in terms of sales. In the long term, up to 40% of our business by value will be in the West (Mumbai and Pune). In terms of area, the southern market will continue to dominate,“ group CEO Abhishek Kapur told Business Today on the sidelines of a press conference in Chennai on Thursday.
With offices in Bangalore, Hyderabad, Chennai, Kochi, Coimbatore, Mangalore, Goa, Mumbai and Pune, the company operates through Puravankara, Provident Housing Limited, Purva Not just land but also commercial projects. Mr. Kapoor said the company will achieve 15 million sq ft of launch development across these cities by March 2024. He added that the company is targeting a revenue of Rs 1 billion by this year and Rs 2 billion by next year.
The company recently embarked on a redevelopment project at Lokhandwala in Mumbai. „In Mumbai, we are actively pursuing redevelopment opportunities in other parts of the city as well. We are also looking at opportunities in Pune,“ he said.
“Our focus is to capture more market share in five cities: Bangalore, Chennai, Mumbai, Pune and Hyderabad. We will continue to expand our operations in these markets. We always have NCR on our anvil. We will evaluate opportunities at the appropriate time,“ he said.
The company has a 40 million square foot land bank across the city and has developed a total of 45 million square feet of land in more than 80 projects to date.
On Thursday, the company's planning and development arm Purva Land announced the launch of the first phase of a 120-acre project at Guduvancheri in Chennai, near the Grand Southern Highway. The first phase will be 50 acres, but the entire project will have approximately 2,200 lots ranging from 600 to 5,000 square feet. More than 80 percent of the lots are in the 800 to 1,800 square foot range.
Purva Land president Pravea Gill said the project has attracted NRI investors from places like Dubai. The management also expects the project to meet the needs of people looking to build villas in the suburbs from central Chennai.