Bengaluru-based listed developer Puravankara has announced that it has signed a joint development deal for a 5.5 acre land parcel in Bengaluru's eastern Balagere suburb. The project, expected to be launched in the next six to nine months, has a gross development value (GDV) potential of around Rs 1,000 crore, with a saleable area of 830,000 square feet.
"The scale and location of this project are ideal for an ultra-luxury offering tailored for individuals seeking a refined lifestyle that mirrors their success. It aligns with our broader vision of creating high-quality, community-focused housing across Bengaluru’s emerging corridors," said Ashish Puravankara, managing director of Puravankara, in a statement.
Balagere is located near information technology hubs in Bengaluru such as Marathahalli on the arterial Outer Ring Road, as well as prominent suburbs such as Bellandur.
Puravankara, while focusing on new markets such as the Mumbai metropolitan area, have also pursued aggressive business development activity in its home market of Bengaluru as well, both through outright land acquisitions, as well as "asset-light" joint development deals.
In north Bengaluru, the company signed a joint development agreement with KVN Property Holdings to develop a 25 acre land parcel for a project with gross development value of Rs 3,300 crore. On the other hand, Puravankara purchased a 3.6 acre land parcel at Kanakapura Road, for a project with a GDV potential of around Rs 700 crore.
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