Mumbai: Bengaluru-based real estate firm Puravankara Projects Ltd is re-entering western India with plans to develop residential projects in Pune and Mumbai in the next two years.
The company on Tuesday said it is developing a luxury residential project “Purva Silversands" in Mundhwa, a suburb in Pune, at a total cost of ₹ 480 crore.
Spread over 30 acres, the project is being built in partnership with local builders Oxford Group and Ekta World, which currently owns the land parcel. It is expected to yield a total saleable area of 1.5 million sq ft of residential space.
In the first phase of the project, it plans to develop around 1473 units with sizes ranging between 600 sft and 2000 sqft. Each unit will sold at ₹ 4,995 per sq foot. The company expects to deliver in the next 48 months.
Puravankara Projects, which started 40 years ago in Mumbai and later moved its base to South India, is also looking to re-enter Mumbai’s residential market. It has already secured two projects in the city’s Mulund and Bhandup area for which it is waiting for regulatory approval. The company, however, declined to provide further details on its Mumbai projects.
“Our foray back into the western region is a ‘home coming’ for us. We aspire to make a difference in the western cities with our unique theme based projects that offer a lifestyle living," said Ravi Puravankara, chairman, Puravankara Projects Ltd in a statement.
He said Pune has a thriving job market and high rental growth, with the government’s thrust on improving infrastructure making the city “a very promising market, with an immense need for high quality homes".
Ashish Puravankara, managing director, Puravankara Projects said its Pune project is strategically located with a “judicial mix of residential, business, leisure and support services".
“Very few builders do well when they enter a new different market. Even the biggest names in real estate find hard to sustain themselves when they move out to a different region. Purvankara has established a name for themselves in the south. May be they could leverage their brand," said a real estate consultant who requested not to be identified.