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Piramal Enterprises has invested over Rs 500 crore in a portfolio of projects of real estate developer Puravankara Group. These would encompass a range of projects from commercial properties to residential ventures across multiple regions in India. The capital will be infused through a senior secured financing structure and it currently covers a total of four projects of the developer.
Key projects include the development of commercial properties spread over 8,00,000 sq. ft. along Kanakapura Road locality in Bengaluru, known for its commercial growth. This move aligns with the trend of commercial expansion in Bengaluru, its reputation as a IT hub and a thriving business ecosystem.
The investment will also extend to the development of IVC villaments in the city, for homebuyers looking for luxurious living spaces. Villaments, which are a blend of villas and apartments, offer a unique residential experience, offering privacy and space of a villa with the amenities and convenience of an apartment complex. Besides this, the investment also includes residential properties spread over 1.5 million sq. ft. in Goa.
Puravankara operates three brands - Purva, Provident Housing and Purva Land, catering to the spectrum of housing and plotted development. As of September-end, it has completed over 80 projects measuring 46 million sq. ft. across Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune and Goa. |
