Real estate company Puravankara has purchased 2.3 acres of land in Bengaluru from Citrus Venture Projects for around ₹1.35 billion, as confirmed by sources familiar with the deal.
Acquisition by Purvankara
This acquisition is part of Puravankara’s plan to build an office platform, aiming to boost its rental income to ₹5 billion over the next five years. The land, located in Hebbal, has the potential to develop 2 million square feet in the initial phase. Additionally, the company is working towards acquiring another 10 acres from Citrus Venture Projects in the same area.
An anonymous source shared that the first phase of the land purchase has been registered, and Puravankara intends to acquire the remaining parcel to further strengthen its commercial portfolio. The company is currently negotiating a platform deal to expand this portfolio.
A document from Propstack, a data analytics firm, revealed that PPL Hebbal Developer, a subsidiary of Puravankara, has purchased 67.75% (or 2 acres and 34.5 guntas, which equals about 125,000 square feet) of the undivided share in a 4-acre and 9-gunta property (approximately 184,000 square feet) located in Bangalore Urban District.
Response by Purvankara
Puravankara has not commented on the deal. Known as one of India’s top real estate developers, the company is venturing into the commercial real estate market with plans to develop 3 million square feet of office space within the next four to five years. This move aligns with its goal of tapping into the growing demand for premium office spaces in major urban centers.
The same source indicated that Puravankara’s office expansion strategy leverages its vast industry expertise and in-depth market knowledge, positioning the company for significant growth in office leasing. It is projected that Puravankara will generate ₹1.40 billion in rental income by 2025-26, with the figure expected to reach ₹5 billion in the next four to five years.
