Mumbai: Real estate developer Puravankara Group has announced a new joint development agreement (JDA) for a 5.5-acre land parcel in Balagere, East Bengaluru. The project has a potential gross development value (GDV) of over Rs 1,000 crore, making it a major addition to the company's growing portfolio in the city.
The land parcel offers a saleable area of 0.83 million square feet and is well connected to major IT hubs and key infrastructure. This location has seen strong demand for both home purchases and rentals, making it a promising spot for a high-end residential project.
Project Launch in 6–9 Months
The new housing project is expected to launch in the next 6 to 9 months, and will be aimed at customers looking for ultra-luxury living spaces. The area’s good connectivity, strong infrastructure, and rising demand make it an ideal place for premium real estate.
Ashish Puravankara, Managing Director of Puravankara Limited, said the project shows the company's commitment to expanding in important Bengaluru markets. “This is a high-potential area, and the scale of the project is ideal for a luxury housing plan,” he said.
Balagere: A Rising Micro-Market
Mallanna Sasalu, CEO – South, Puravankara Limited, added that Balagere has become a top residential area due to its closeness to IT parks and strong public facilities. He said that doing the project under a JDA structure is a smart, capital-efficient move. This also helps reduce risks and supports faster sales.
Other Recent Projects in Bengaluru
Earlier this year, Puravankara also acquired a 3.63-acre land parcel on Kanakapura Road, with an expected GDV of Rs 700+ crore. In addition, it announced a joint venture with KVN Property Holdings LLP for a 24.59-acre development in North Bengaluru, targeting a Rs 3,300 crore GDV.
With these new projects, the company is steadily increasing its presence across Bengaluru’s fast-growing and in-demand micro-markets.
