Purvankara leadership with Chief Postmaster General, Karnataka Postal Circle, K Prakash (second from left) release a special stamp to commemorate 50-years of the realty firm, in Bengaluru on Wednesday.
Credit: DH photo
Bengaluru: Bengaluru-based property developer Puravankara Limited, which is largely present in residential property business, aims to expand its commercial real estate portfolio in the next five years. The company plans to develop and lease 5 million square feet (msf) of office space, targeting an annuity income of Rs 400 crore by 2030, said a top company official.
Puravankara is currently developing commercial real estate projects in Bengaluru. Two of its Grade A projects - Purva Zentech spread across 900,000 sq ft, and Purva Aerocity with an area of 2.1 msf - are in various stages of construction. They are expected to be completed this year, said Rajat Rastogi, CEO-West and Commercial Assets, Puravankara said.
The company is also looking for opportunities in Pune and Mumbai as well. Over the last year, Puravankara has bagged many residential redevelopment projects in Mumbai.
Talking to DH after releasing a commemorative stamp in association with the Department of Posts to celebrate its 50-year milestone, he said, "Our commercial business focus is on Bengaluru, our biggest market, where we are developing three projects. We will be delivering occupation certificates for Purva Zentech on Kanakapura road, and Purva Aerocity on Airport Road this year."
He said the company's residential redevelopment projects are shaping up very well in the Mumbai market. "Our gross development value in the West is around Rs 21,000 crore. We are among one of the fastest growing developers in Mumbai. Many marquee projects with excellent locations are with Puravankara covering many parts of Mumbai now. Our portfolio is 14 msf either in development or going to be launched," he said.
Currently, Puravankara is developing 6 msf of properties in Mumbai, and another 8 msf of projects will be launched this year, Rastogi added.
Amanda Puravankara, Additional Director, Puravankara Limited said the company has secured marquee redevelopment projects in highly sought-after Mumbai neighbourhoods such as Breach Candy, Pali Hill, Lokhandwala, among others, which is a strong validation of the trust residents place in Puravankara. "In the next few years, we will have around 40% of our revenues coming from Mumbai as we expand further," she said.
The Golden Jubilee 'My Stamp' tells the story of Puravankara, which began in 1975 in Mumbai, where the dream took root and later found its home in Bengaluru.
In Q1FY26, the company recorded sales of Rs 1,124 crore, up 6% year-on-year, on a sales volume of 1.25 msf. The average realisation rose 9% to Rs 8,988 per square foot, while collections stood at Rs 857 crore.