Puravankara eyes up to ₹2,000 cr capex, PE backing to become a ‘national player’
Subscribe to enjoy similar stories. In the race to become a national brand, Puravankara Ltd, a Bengaluru-based real estate company, will set aside up to ₹2,000 crore for acquiring land in the next 12 months. The group plans to triple its land bank to about 45 million square feet from the current 15 msf of net developable area in the next three years.
It is also planning to make a beeline for Delhi NCR in FY26. To kickstart the ambitious plan, the group is now in advanced talks with private equity investors.
“In the next 12 months, we will deploy anywhere between another ₹1,500 to ₹2,000 crore, for new acquisitions in both residential and commercial spaces," Abhishek Kapoor, group chief executive and executive director at Puravankara told Mint in an interview. “We aspire to be a national player. But our focus really in a big way on substantial growth, will be between Bengaluru, Chennai, Hyderabad, Mumbai, Pune, and Delhi." About 80% of the group’s focus will be on the key large markets, but it will continue to look at opportunities in the other markets like Goa and Kochi, Kapoor said.
Puravankara is accessing multiple routes of investment to fund these acquisitions. Earlier this year, the group’s wholly-owned subsidiary, Provident Housing, raised ₹1,150 crore from HDFC Capital Advisors, the real estate private equity arm of HDFC group. The group also received approval from its board to raise up to ₹1,000 crore through qualified institutional placement (QIP) mode, according to company filings on BSE.
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