BENGALURU: Property
developer Puravankara has teamed up with regional builders in Pune and Mumbai to launch stalled
projects in the backdrop of a drastic liquidity crisis, a movement that will
aid it to gain a share in Western India's residential market.
“We have reached a significant level in our focus markets, but will continue to move forward. Purvankara has distinguished Pune and Mumbai as the top 5-6 major cities that will be expansion accelerators for the company beyond India,” said Abhishek Kapoor, COO Residential, Purvankara, “ Moving on, Bengaluru, Mumbai, Hyderabad , Chennai, and Pune will be our focus markets. "
Several developers have enrolled in the western and northern markets to resume projects stuck in the midst of the cash crisis, threatening the real estate regulatory act and NCLT to be put into practice.
The company
intends to generate 7 m sq ft of
residential portfolio in these two markets spanning the Provident and
Purvankara brands over the next 24–36
months. It currently develops luxury homes under the Purvankara luxury
brand, while premium affordable housing is developed under the Provident
Housing brand, which originated in 2008. Currently, 65% of the company's business originates from the larger housing
brand - Provident - while the rest rest from the Purvankara brand.
Non-Bengaluru projects launch immediately for an ongoing 53%
share and currently 77% for
Purvankara. Future accounts for 3 /
4th of the boat pipeline.
Individually, the
firm is developing its commercial duties. It plans to generate 10 meters square
feet of commercial projects and use it in retail expansion overhead over the
next five years in major cities.
