Piramal inks ₹500 crore deal with Puravankara

12 Apr 2024 , 08:08 PM

According to news reports, the flagship firm of the Piramal Group, Piramal Enterprises, has invested more than ₹500 Crore in the real estate developer Puravankara Group, based in Bengaluru, across a number of its projects. The investment comprises a variety of projects, ranging from residential to commercial properties, demonstrating a strategic partnership intended to support real estate endeavors throughout various regions of India.

“The Piramal Group entity has made this investment through a senior secured financing structure and it currently covers a total of four projects of the developer,” stated the report.

The building of commercial premises spanning 800,000 square feet along Kanakapura Road, a busy Bengaluru neighborhood renowned for its quick urbanization and commercial expansion, is one of the investment’s major initiatives. This action is in line with Bengaluru’s trend of commercial expansion, which is encouraged by the city’s strong business environment and reputation as an IT hub.

The investment also goes toward the construction of IVC villaments in Bengaluru, which responds to the changing tastes of customers for opulent and cutting-edge living areas. A unique residential experience is provided by villaments, a hybrid of a villa and an apartment, which combine the seclusion and spaciousness of a villa with the conveniences and services of an apartment building. In Goa, the venture also consists of residential properties totaling 1.5 million square feet.

This investment is consistent with the current pattern of developers and financing firms working together to capitalize on the real estate market’s expansion.

Puravankara offers a range of housing and plotted development options under three distinct brands: Purva, Provident Housing, and Purva Land. Over 41 million square feet make up the company’s land bank, and projects total 29 million square feet. It had finished more than 80 projects totaling 46 million square feet across Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa as of the end of September.

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