Piramal Enterprises, a flagship company of the Piramal Group, has put more than Rs 500 crore into various projects by Bengaluru’s Puravankara Group. This investment covers a mix of projects, from commercial buildings to residential ventures, showing a strategic partnership aimed at boosting real estate projects in different parts of India.
According to insiders, the Piramal Group made this investment through a senior secured financing arrangement, covering a total of four projects by Puravankara.
One notable project includes commercial properties covering 800,000 square feet along Kanakapura Road in Bengaluru. This area is known for its rapid urbanization and commercial growth, especially being an IT hub.
Another part of the investment focuses on IVC villaments in Bengaluru, which offer a unique blend of villa-style living with apartment conveniences. This aligns with the changing preferences of homebuyers seeking innovative and luxurious living spaces. Additionally, residential properties covering 1.5 million square feet in Goa are included in the investment.
Despite email inquiries, both Piramal Group and Puravankara have not responded.
This investment reflects a common trend of collaboration between developers and financing companies to seize opportunities in the real estate market. Puravankara operates under three brands – Purva, Provident Housing, and Purva Land – offering a range of housing and plotted development options. The company has a land bank exceeding 41 million square feet and ongoing projects totaling 29 million square feet. As of September, it has completed over 80 projects, spanning 46 million square feet across various cities including Bengaluru, Chennai, Hyderabad, Mumbai, Pune, and Goa.
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