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Purva Real Estate Fund, the Real Estate Alternative Investment Fund (AIF) of realty firm Puravankara has acquired 100acres of land in Guduvanchery, Chennai for a reported sum of Rs 200 crores. The company intends to create a plotted development project across 2.2 million square feet of the land and develop the rest of the land parcel in the coming three years. The plotted development is said to have a revenue potential of over Rs 900 crores.
Guduvanchery is an up-and-coming locality of Chennai with several new projects underway. Some of the country’s biggest builders are constructing residential and mixed development projects. The area is connected to the city’s tech hub via Vandalur-Kelambakkam Road and Old Mahabalipuram Road. Although most retail investors have purchased ‘second homes’ here, developers are positive that the area is likely to develop into a vibrant residential hub in the coming decade.
The land partially acquired by Purva Real Estate Fund is located on GST road in Guduvanchery. The company is currently developing a plotted land project and intends to launch three more plotted development projects by March 2023. The company believes plotted developments offer quicker turnaround period and sales volumes in these regions and therefore wish to capitalise on the market further. The Fund plans to invest in various plotted land and residential development projects under both brands; “Purva Land” and “Provident” across cities such as Bengaluru, Chennai, Pune, Mumbai Metropolitan Region, and Hyderabad.
Established in 1975, under the leadership of Mr Ravi Puravankara, Puravankara Limited is a real estate company headquartered in Bengaluru. Considered to be one of India’s leading real estate companies, in its four decades of existence the company has established two distinct brands in real estate. Their flagship brand Puravankara caters to premium residences while its Provident Housing Ltd brand specialises in affordable housing. The company has a presence in several cities in India including Mumbai, Bengaluru, Chennai, Kochi, Coimbatore, Mangaluru, Kolkata, Pune and Goa. It also has international projects in GCC and Sri Lanka. The company was one of the first developers in India to secure FDI in real estate. This led to a JV with "Keppel Land", a Singapore Government development company, in 2005.
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