Bengaluru-based real estate firm Puravankara Group Ltd anticipates that Mumbai and Pune will contribute significantly to its business, constituting up to 40% of its overall value in the future. Abhishek Kapoor, Group CEO, explained that the expectation is based on the higher per square foot value in Mumbai. While southern markets will continue to dominate in terms of square footage, the western markets are projected to play a substantial role in value terms.
The company, with a presence in multiple cities, including Bengaluru, Hyderabad, Chennai, Kochi, and others, is currently developing 29 million sqft across residential and commercial projects. Kapoor stated that by March 2024, they aim to achieve the development of 15 million sqft across these cities, targeting a revenue of Rs 1,000 crore this year and Rs 2,000 crore the next.
Having secured redevelopment projects in Mumbai’s Lokhandwala, Puravankara is actively exploring similar opportunities in other parts of Mumbai and Pune. Kapoor emphasized their focus on gaining more market share in key cities like Bengaluru, Chennai, Mumbai, Pune, and Hyderabad, with potential expansion into the NCR region at an appropriate time.
Puravankara boasts a land bank of 40 million sqft across cities and has successfully developed 45 million sqft across over 80 projects. Additionally, its plotted development arm, Purva Land, recently launched the first phase of a 120-acre project in Chennai’s Guduvancheri, attracting interest from NRI investors and catering to those seeking a second home outside central Chennai.