Puravankara to strengthen its commercial portfolio, to add 10 million sq.ft in next 5 years
Bengaluru, November 26, 2018: In a bid to strengthen its existing commercial portfolio, Puravankara Limited, India’s most trusted real estate developer today laid down an ambitious long-term strategy for the segment. 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.
Currently, it has three commercial projectsin 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 projectsin Bengaluru (Yeshwanthpur, Kanakapura Road, Old Madras Road, Kadiganahalli) and four in Pune (Kondhwa, Wagholi, Hinjewadi, Mundhwa) and a few more which are in final stages of acquisition totalling to approx.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, “At Puravankara there is always been a constant endeavour to push the boundaries in all spheres of our work.To further strengthen Puravankara’s leadership position in the Real Estate sector through our energised foray in Commercial Real Estate development. Diversification of our existing product mix is a conscious decision and natural progression towards our bigger goal. We believe it’s 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 portfolioin the key metro cities. The plan is to add another 10 million Sq. Ft. in the next five years.”
He further added, “The upcoming projects will be a mix of standalone and jointly developed projects. This move is aligned withthe company’s vision of providing world-class quality products to its discerning customers. And exceed the same height of success, what we have achieved in our residential business.”
In line with its broader vision, Puravankara hires industry veteran Vishal Mirchandanias Chief Business Officer – Commercial and Retail, to head and focus on helping them grow their commercial portfolio. Vishal comes on board withclose to 30 years of industry experience in handling commercial portfolio. In his prior stint he has donned many roles to name a few leading Product Conceptualization, Design & Development, Leasing, Property Management and Managing Partnerships with Investors, Corporates, Retailers etc.
