By Accommodation Times Bureau
The Puravankara Limited, real estate developer is planning to add 10 million sq. ft. to its commercial and retail operations by 2023. Puravankara has already acquired strategic land parcels in Bengaluru, Mumbai, Pune and Hyderabad.
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, 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.
Ashish Puravankara, MD of Puravankara Limited, said, “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 by increasing our commercial space presence in the Indian realty landscape. A robust strategy has been devised to oversee the expansion of our commercial portfolio in 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.
In line with its broader vision, Puravankara hires industry veteran Vishal Mirchandani as Chief Business Officer – Commercial and Retail, to head and focus on helping them grow their commercial portfolio.