The real estate major, Puravankara, has recently made a significant move by acquiring a 3.63-acre land parcel located in Vajrahalli, Kanakapura Road, Bengaluru. This strategic move is expected to boost the company’s growth prospects in the region, given the land’s favorable demand-supply conditions.
Key Features of the Land Parcel
The acquired land parcel boasts a substantial saleable area of 5.42 lakh sq ft, indicating its immense potential for development. With a total estimated gross development value of over Rs 7 billion, this deal marks a substantial investment for the company, further reinforcing its commitment to the Bengaluru market.
Management’s Focus on Business Development
Ashish Puravankara, managing director of the company, emphasized that the acquisition aligns with the company’s ongoing efforts to replenish its land bank in strategic locations. With a focus on business development, Puravankara aims to capitalize on the region’s growing demand for quality residential and commercial spaces.
Recent Appointments Signal Strategic Reorganization
Notably, the company has also made significant changes to its leadership team, appointing Deepak Rastogi as the group chief financial officer (CFO) and elevating Neeraj Gautam to the post of deputy CFO. These strategic moves hint at the company’s commitment to strengthening its financial foundation and ensuring a seamless execution of its growth plans.
