Bengaluru-based Puravankara Ltd expects the western markets of Mumbai and Pune to account for 40% of its business in value terms over time even as the real estate developer has also set its sights on the Delhi-NCR market.
“We expect Mumbai and Pune to catch up a lot in terms of sales numbers. Over time, we expect up to 40% of our business in value terms coming from the west (Mumbai and Pune) simply because of the higher per square foot value in Mumbai. In terms of square footage, southern markets will continue to dominate,” Group CEO Abhishek Kapoor told Business Today on the sidelines of a press meet in Chennai on Thursday.
The firm, which is present in Bengaluru, Hyderabad, Chennai, Kochi, Coimbatore, Mangalore, Goa, Mumbai and Pune, has 29 million sqft under development across its residential business lines of Puravankara, Provident Housing Limited, Purva Land as well as commercial projects. By March 2024, the firm will have achieved the development of 15 mn sqft of launches across these cities, Kapoor said. He added that they are targeting a revenue of Rs 1,000 crore by this year, and Rs 2,000 crore by the next.
It recently bagged re-development projects in Mumbai’s’s Lokhandwala. “In Mumbai, we are actively pursuing other re-development opportunities in other parts of the city, too. We are evaluating opportunities in Pune also,” he said.
“Our focus is to gain more market share in the five cities of Bengaluru, Chennai, Mumbai, Pune and Hyderabad. We will continue to scale our business in these markets. We always have NCR on the anvil. At an appropriate time, we will evaluate opportunities,” he said.
The firm has a land bank of 40 mn sq ft across cities and has developed a total 45 mn sqft across over 80 projects so far.
On Thursday, its plotted development arm Purva Land announced the launch of the first phase of a 120-acre project in Chennai’s Guduvancheri, close to the Grand Southern Trunk Road. While the first phase spans 50 acres, the total project will have about 2,200 plots ranging from 600-5,000 sq ft. More than 80 per cent of the plots are in the range of 800-1,800 sq ft.
Purva Land President Praveer Gill said the project had attracted NRI investors from locations such as Dubai. The management also expects the project to cater to those from central Chennai looking to build a second home outside the city.
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