"Puravankara Acquires 3.63-Acre Land in Bengaluru with ₹700 Crore GDV".

Bengaluru-based real estate developer Puravankara has acquired a 3.63-acre land parcel in Vajrahalli, Kanakapura Road, Bengaluru, which is expected to generate a gross development value (GDV) of over ₹700 crore. The acquisition includes a saleable area of 5.42 lakh square feet, in line with the company’s strategy to expand its presence in key micro-markets of Bengaluru.

Ashish Puravankara, Managing Director of Puravankara Limited, commented on the acquisition, stating, “This land parcel is located in a micro-market with strong demand and limited development opportunities, making it ideal for premium residential projects. We are focused on replenishing our land bank in strategic locations with favorable demand-supply dynamics.”

For the second quarter of FY24, the company reported a widening of its losses to ₹17.06 crore, more than a 50% increase from the ₹11.22 crore loss during the same period last year. Sequentially, the company’s performance turned negative, as it moved from a profit of ₹14.78 crore in Q1FY24 to a loss in Q2FY24. Despite this, Puravankara’s consolidated revenue rose by 36%, reaching ₹520 crore. Its net debt increased to ₹2,430 crore in September 2024, up from ₹2,237 crore in June 2024.

In other corporate news, Puravankara recently appointed Deepak Rastogi as the Group Chief Financial Officer (CFO). Rastogi previously held leadership roles at Deepak Fertilisers and Petrochemicals Ltd. and was President & Group CFO at TATA Autocomp Systems Ltd.

HBL