BENGALURU: Real estate developer Puravankara has acquired 2.3 acres of land in Bengaluru from Citrus Venture Projects for around Rs 135 crore, said people familiar with the matter.
The acquisition is part of the developer’s plans to develop an office platform aimed at expanding its rental income to Rs 500 crore over the next five years.
The property, located in Hebbal, has a development potential of 2 million square feet in the first phase of the acquisition. Additionally, the firm is in the process of procuring around 10 acres of land from Citrus Venture Projects in Hebbal.
“The first phase of the acquisition has been registered, and Puravankara is looking to further acquire the remaining land parcel as part of plans to increase its commercial portfolio. The company is actively working on a platform deal to expand the portfolio,” said one of the persons, who did not wish to be identified.
The registered document shared by Propstack a data analytic firm mentioned that PPL Hebbal Developers Pvt. Ltd, a Puravankara company, has acquired 67.75%, equivalent to 2 acres 34.5 guntas or 125,000 sq ft, of undivided share of right, title and interest in all that piece and parcel of converted immovable property measuring 4 acres 9 guntas or 184,000 sq ft in Bangalore Urban District.
The company declined to comment on the deal.
Puravankara, one of India’s leading real estate developers, is expanding into the commercial real estate space with plans to develop 3 million sq ft of office space over the next four-five years. The expansion aligns with its vision to capitalise on the growing demand for high-quality office spaces in key urban markets across the country.
“As part of this strategy, Puravankara’s commercial office expansion will leverage its deep industry experience and robust market understanding, positioning the company to capture significant growth in the office leasing market. The firm is expecting rental income of Rs 140 crore by 2025-26, projected to reach Rs 500 crore over the next four-five years,” said the person.
The company recently stated that it planned to acquire 20 million sq ft of land by the end of this financial year, exploring outright purchases and redevelopment to boost growth, with plans to increase residential and commercial project launches in Mumbai, Bengaluru and Delhi-National Capital Region.
Source Homevior.in
