Puravankara to launch 10 mn sq ft of realty proj in H'bad

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

Identifying Hyderabad as one its core markets, realty firm Puravankara on Monday said it will launch 10 million sq ft of housing and commercial projects in the city over the next five years anticipating rise in property demand. The company will launch a housing project spread over 20 acres in Hyderabad within two-three weeks and is negotiating for more joint development projects in the city, said Bengaluru-based Puravankara's Managing Director Ashish Puravankara. "As part of our 2020 growth strategy, we have identified Bengaluru, Mumbai, Chennai, Hyderabad and Pune as core markets for new acquisition of projects. Over the next five years, we will launch 10 million sq ft of new projects in Hyderabad," he told agency. Of the total planned projects in Hyderabad, he said about 5 million sq ft would be under the affordable housing brand 'Provident'. It is already developing a 6.5 lakh sq ft of commercial project here under joint development agreement.

"We are excited about Hyderabad market because the city has very good infrastructure. Now, political stability has also come in," Puravankara said, adding that the company is in talks with land owners for joint development projects. The stable socio-political environment and the pro-growth outlook of the policy makers in the city, is expected to trigger economic growth in the Hyderabad market, he said.

He further said the rentals have already improved in Hyderabad and housing demand and prices are also expected to rise. Asked about investment in Hyderabad, Puravankara said the projects would mostly be under joint development with land owners, so there would be no capex on land purchase. The construction cost will be through internal accruals and construction finance, he added.

"We are open to outright purchase of land as well. In that case, we will rope in private equity players," he said. Puravankara Projects has presence in Bengaluru, Kochi, Chennai, Coimbatore, Hyderabad and Mysore, Mumbai and Pune.

The company has 23.56 million sq ft of projects under development with additional 85.83 million sq ft in pipeline over the next few years.