Piramal Group’s flagship company Piramal Enterprises has invested over Rs 500 crore in a portfolio of projects of Bengaluru-based real estate developer Puravankara Group, said three persons with direct knowledge of the development.
The investment encompasses a range of projects, spanning from commercial properties to residential ventures, reflecting a strategic collaboration aimed at bolstering real estate endeavours across multiple regions in India.
“The Piramal Group entity has made this investment through a senior secured financing structure and it currently covers a total of four projects of the developer,” said one of the persons mentioned above.
Key projects of this investment include the development of commercial properties spread over 800,000 sq ft along Kanakpura Road, a bustling locality in Bengaluru known for its rapid urbanization and commercial growth. This move aligns with the ongoing trend of commercial expansion in Bengaluru, fuelled by its status as a major IT hub and a thriving business ecosystem.
The investment extends to the development of 6-lakh-sq-ft villaments project spread over 15 acres on IVC Road in Bengaluru, which is catering to the evolving preferences of homebuyers for innovative and luxurious living spaces.
Villaments, a blend of villas and apartments, offer a unique residential experience, combining the privacy and space of a villa with the amenities and convenience of an apartment complex. The investment also includes residential properties spread over 1.5 million sq ft in Goa.
ET’s separate email queries to Piramal Group and Puravankara remained unanswered until the time of going to press.
This investment is in line with the ongoing trend of collaboration between developers and financing companies to tap growth in the real estate market.
The Puravankara Group operates three brands—Purva, Provident Housing and Purva Land—catering to the spectrum of housing and plotted development. The company’s total land bank is over 41 million sq ft and ongoing projects add up to 29 million sq ft.
As of December end, the company has completed over 83 projects measuring nearly 48 million sq ft across Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. Ends
