Piramal Enterprises has invested more than Rs 500 crore in a collection of projects by real estate developer Puravankara Group. The projects span across various regions in India and include both commercial and residential properties. The funds will be injected through a senior secured financing structure and are currently allocated to four projects of the developer.
A significant development of commercial properties, spanning over 800,000 sq-ft, is underway along Kanakapura Road in Bengaluru, an area recognised for its commercial growth. This project aligns with the broader trend of commercial expansion in the city, bolstered by its reputation as an IT hub and thriving business ecosystem.
An investment surge in India’s property market is set to benefit homebuyers looking for luxurious living spaces, with a focus on the development of integrated villas and complexes (IVC) villaments in the city. Villaments, a blend of villas and apartments, offer a unique residential experience by combining the privacy and space of a villa with the amenities and convenience of an apartment complex. The investment will also extend to residential properties in Goa, spanning over 1.5 million sq-ft.
Puravankara operates three brands – Purva, Provident Housing and Purva Land, catering to the spectrum of housing and plotted development. As of September-end, it has completed over 80 projects measuring 46 million sq-ft across Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune and Goa.
