[ecis2016.org] Real estate developer, Puravankara Limited has announced that it plans to add 10 million sq ft of commercial space by 2023, in a bid to increase its commercial portfolio mix to 35 per cent, from the present five per cent
In a bid to strengthen its existing commercial portfolio, Puravankara Limited has laid down an ambitious long-term strategy for the segment.
You are reading: Puravankara to add 10 million sq ft of commercial space over five years
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Based on their current land portfolio, the Group envisions an expansion plan of potentially adding 10 million sq ft to its commercial and retail operations, by 2023. While executing this, the strategy is to further grow this commercial portfolio exponentially. Towards supporting this, Puravankara has already acquired strategic land parcels in Bengaluru, Mumbai, Pune and Hyderabad.
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Currently, it has three commercial projects in Bengaluru – Purva Premier, Purva Mall and Purva Gainz and one each in Chennai and Hyderabad, Purva Primus and Purva Summit, respectively, which totals to 1.3 million sq ft. Additionally, the company is coming up with four projects in Bengaluru (Yeshwanthpur, Kanakapura Road, Old Madras Road and Kadiganahalli) and four in Pune (Kondhwa, Wagholi, Hinjewadi and Mundhwa) and a few more, which are in final stages of acquisition, totalling approximately 10 million sq ft of development in the coming five years. The company has already kick-started its expansion plan in Bengaluru, with construction work in full swing at its Kanakapura and Old Madras Road project sites.
Commenting on commercial portfolio expansion, Ashish R Puravankara, MD of Puravankara Limited, said that the move was a step to further strengthen Puravankara’s position in the real estate sector, through their foray into commercial real estate development. “We believe it is the right time to expand our business horizon, through increasing our commercial space presence in the Indian realty landscape. A robust strategy has been devised, to oversee the expansion our commercial portfolio in the key metro cities. The plan is to add another 10 million sq ft in the next five years. The upcoming projects will be a mix of standalone and jointly developed projects,” he said.
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