Puravankara Projects has purchased a 25 acre of land plot in Bengaluru from destitute realty firm Unitech for around 200 crore. Puravankara Limited is one of the largest real estate developers in India, headquartered in Bengaluru, with around 60 projects across 8 urban communities.
The understanding is to procure 25 acres of land in phases. Until this point of time, 12.5 acres have been procured. The remainder of the land is in clearance stage, said individuals mindful of the arrangement. Puravankara plans to build 2 million square feet of office space in the land. The realty developer, which has by far concentrated on residential projects, plans to expand its base in the commercial and retail projects. Puravankara is confident of developing 10 million square feet of commercial space by 2023.
The north Bengaluru plot was a segment in the land-bank owned by Unitech to construct private units. Puravankara, which has already amassed land in Bengaluru, Mumbai, Pune and Hyderabad, plans to further expand its commercial portfolio by undertaking this project under its wings.
Unitech has earlier sold 74 acres in Gurgaon, Chennai and Hyderabad for Rs.260 crores in 2017, to better its financial standing and finish pending projects. Even the current sale of the land-bank to Puravankara is believed to have been done to boost its cash flow.
The Supreme Court has ordered a forensic review of the Unitech Group and its units to test affirmed financial inconsistencies and redirection of homebuyers’ resources by the organizations’ top brass.
Courtesy/By: Gopalakrishnan.R.R
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17 Jul 2019
