Puravankara buys 10-acre Bengaluru land, eyes ₹800 crore revenue

Puravankara Ltd bought a 9.73-acre land parcel in North Bengaluru to build a housing project. The company said in a regulatory filing Wednesday the outright acquisition carries development potential of roughly 0.89 million square feet and an estimated revenue of ₹800 crore. The purchase price and the seller's name were not disclosed.

At roughly ₹900 per square foot of developable area, the revenue projection aligns with mid-market rates in North Bengaluru. The area has drawn steady demand from the expanding IT corridor. Puravankara (NSE: PURVA) already operates multiple projects in the city.

The acquisition is outright, not a joint venture. That structure gives Puravankara full control over margins and the development timeline. It also ties the company's own capital to the project without a partner to share the outlay.

The 0.89 million square foot site represents about 2.2% of Puravankara's total land bank of 40 million square feet. The company has 36.69 million square feet in ongoing projects across nine cities. This single parcel will not shift the overall portfolio profile.

The missing cost detail is the biggest uncertainty for investors trying to model the project's margin. Without the acquisition cost and a launch timeline, the contribution to earnings remains unclear. Puravankara shares did not react strongly on the announcement day, suggesting the market sees the buy as routine.

Puravankara has completed 95 projects totaling 57 million square feet. Bengaluru is its home market. Prestige and Sobha also run projects in the same corridor, so competition for buyers will be a factor. The filing gave no guidance on when sales would begin or how the project would be financed.

Puravankara shares closed flat Wednesday. The company did not offer additional comment.