Puravankara to strengthen commercial portfolio, to add 10 million sq ft in five years

Bengaluru -based realty developer Puravankara is planning to strengthen its existing commercial portfolio by adding 10 million sq ft to commercial and retail operations over the next five years. To support this development, Puravankara has already acquired land parcels in Bangalore, Mumbai, Pune and Hyderabad, the company said in a release. Currently, the company has three commercial projects in Bangalore – Purva Premier, Purva Mall and PurvaGainz and one each in Chennai and Hyderabad, Purva Primus and Purva Summit, respectively, totaling 1.3 million sq ft. In addition to these, the company is coming up with four projects in Bangalore at Yeshwanthpur, Kanakapura Road, Old Madras Road, Kadiganahalli and four in Pune at Kondhwa, Wagholi, Hinjewadi, Mundhwa. It also has a few more projects that are in final stages of acquisition totaling to nearly 10 million sq ft of development in the next five years. The company has already kick-started its expansion plan in Bangalore with construction work in full swing at its Kanakapura and Old Madras Road project sites. “Diversification of our existing product mix is a conscious decision and natural progression towards our bigger goal. We believe it’s the right time to expand our business horizon through increasing our commercial space presence in the Indian reality landscape,” said Ashish R. Puravankara, MD of Puravankara. He further added that the upcoming projects will be a mix of standalone and jointly developed projects. In line with its broader vision, Puravankara has hired industry veteran Vishal Mirchandani as Chief Business Officer – Commercial and Retail, to head and focus on helping them grow their commercial portfolio.