Realty developer Puravankara to expand commercial portfolio

Real estate developer Puravankara will add 10 million sq feet to its commercial and retail operations in five years. “The strategy is to expand our commercial portfolio from the current 5 per cent to 35 per cent by 2023,” said Ashish R Puravankara, Managing Director, Puravankara Ltd.

To support its growth, the company has already acquired land parcels in Bengaluru, Hyderabad, Mumbai and Pune.

Its ongoing projects in Bengaluru include Purva Premier, Purva Mall and Purva Gainz. The company will come up with four more at Yeshwanthpur, Kanakapura Road, Old Madras Road and Kadiganahalli. Work is on full swing at the project sites at Kanakapura and Old Madras Road, he said.

Four projects are in pipeline in Pune (Kondhwa, Wagholi, Hinjewadi and Mundhwa) and a few more are in the final stages of acquisition, taking the total development close to 10 million sq ft over five years. The upcoming projects will be a mix of standalone and jointly- developed ventures.

“Diversification of our existing product mix is a conscious decision and natural progression towards our bigger goal. We believe the time is right to expand our business by strengthening our presence in the commercial space,” he said.

HBL