Puravankara Limited

Last updated
Puravankara Limited
Company type Public
BSE:  532891
NSE:  PURVA
Industry Real estate & construction
Founded1975;49 years ago (1975)
FounderRavi Puravankara
Area served
Worldwide
Key people
Products Residential, Commercial
Number of employees
2700+ (2021)
Website www.puravankara.com

Puravankara Limited is an Indian publicly-held real estate development company. It was established in 1975 by Ravi Puravankara and is headquartered in Bangalore. It operates in the residential and commercial sectors, having developed projects in multiple cities in India, including Bengaluru, Chennai, Kochi, Coimbatore, Pune, and Mumbai. Additionally, Puravankara has ventured into the international real estate market, with projects in Dubai and Colombo. [1] [2]

Contents

History

Puravankara Limited was incorporated by Ravi Puravankara in 1975. In January 2018 Puravankara Projects Ltd changed its name to Puravankara Ltd. [3] In March 2017, Hetero Group, acquired a 19-acre land along with a 100% equity stake in the companies from Puravankara Projects for Rs. 475 crore. In March 2017 The company's board passed a resolution to divest its investment in Raidurg Panamaktha Village, which is valued at Rs 403 crore. [4] [5] In September 2019 Abhishek Kapoor was appointed Chief Operating Officer and later promoted to the role of CEO in April 2019. [6]

Funding

In April 2015, Puravankara secured 82 crores (equivalent to US$13 million) from ASK Group for its subsidiary, Provident Housing. [7] In April 2022, Puravankara launched a fund of ₹750 crore to invest in affordable housing projects. [8] In July 2022, Puravankara's debut fund raised ₹200 crores in its first closing round. In 2020, Puravankara collaborated with IFC and IFC Emerging Asia Fund to secure a $76 million investment in their affordable housing projects in India. [9]

Joint ventures

In March 2011 Puravankara acquired foreign direct investment in the real estate industry by partnering with Keppel Land Limited, a property subsidiary of Keppel Corporation, a conglomerate that is 54% government-owned, based in Singapore. [10]

In July 2016, Puravankara partnered with Tata Projects to ensure the timely completion and superior construction of its projects. [11]

In 2015, Godrej Properties acquired 18 acres of land from Puravankara in Bengaluru]]. [12]

In January 2018 Snapdeal partnered with Puravankara, to promote and sell 200 ready-to-occupy apartments across four cities - Chennai, Bengaluru, Coimbatore, and Kochi. [13]

In July 2018, Puravankara entered into a partnership with Invento Markerspaces, a Bengaluru-based robotics company, as part of its efforts to integrate artificial intelligence into its operations. Following the partnership, Puravankara introduced two robots, Mitra and Mitri, to serve as the initial point of contact for visitors. These robots were capable of capturing personal information and photographs of visitors. [14] In October 2021, IBM Global Business Services (GBS) declared a partnership with Puravankara Limited to drive technology-led advancements in its operations through the adoption of RISE with SAP. [15]

In December 2020, the International Finance Corporation (IFC), and IFC Emerging Asia Fund (EAF) announced a partnership with the Puravankara Group, for investing in up to four residential projects under the housing brand Provident. [16]

Projects

In 2008, Puravankara launched 13.93 million square feet of space in Chennai, Bangalore, Mangalore, and Coimbatore. [17] In March 2011, Puravankara launches a new property called Purva Windermere in the city of Chennai. According to The Hindu report The project was estimated to cost Rs. 1,700 crore, with a debt component of Rs. 225 crore. [18] As per the Livemint report, In March 2016 Puravankara, has launched a residential project called "Purva Silversands" in Mundhwa, located in Pune, which is estimated to cost a total of ₹480 crores. The project was developed in collaboration with Oxford Group and Ekta World. The residential development encompasses an area of 1.5 million square feet. [19] In 2018, Puravankara and Sobha launched a joint venture project called Marina One, a luxurious waterfront residential complex in Kochi, Kerala. The project is located at Marine Drive, with a pristine 497-meter waterfront. [20]

In June 2019, Puravankara launched 13 new projects costing ₹3,000 crore. Six were situated in Bengaluru, three in Mumbai, two in Pune, and one each in Chennai and Kochi. [21] In December 2019, Puravankara develop three ultra-luxury residential projects under a new brand WorldHome Collection located in Bengaluru, Chennai, and Mumbai. Puravankara developed a total area of 2.2 million square feet with an estimated cost of approximately Rs 850 crore. [22] [23]

In June 2020, Puravankara invests Rs 1,100 crore in the development of two housing projects in Bengaluru, named Provident Woodfield and Purva Atmosphere. [24] According to Financial Express, In February 2022, Puravankara invested Rs 1,550 crore in a Kochi-based real estate project named Provident Winworth. The project is spread over 18 acres and covers a total area of 3 million square feet. [25] [26]

On March 2024, Puravankara Limited launched a residential plotted development project named Purva Kensho Hills in Bengaluru, India. [27]

In 2024 Puravankara launched a plotted development project named Purva Soukhyam in Guduvancheri, Chennai. The project focuses on wellness and comprises over 2,200 plots ranging from 600 sq. ft. to 5,000 sq. ft. [28]

Awards

In January 2021, Puravankara Limited was recognized as India's Most Admirable Brand by Fortune India. [29] According to the report by The Economic Times, Puravankara Limited was ranked fifth in the national brand leadership category of Track2Realty's Brand X Report 2022-23. The report also ranked Puravankara Limited first nationally in the image management category. [30]

Scholarships

In June 2022, Puravankara announced a partnership with Vidyasaarathi to provide scholarships to students based on academic merit and eligibility criteria. The eligibility criteria included students whose annual family income was less than Rs 5 lakhs, with a preference given to those from families affected by Covid-19 or with a single parent. [31] [32]

Related Research Articles

The automotive industry in India is the world's fourth-largest by production and valuation as per 2022 statistics. As of 2023, India is the 3rd largest automobile market in the world in terms of sales.

<span class="mw-page-title-main">PVR INOX</span> Indian multiplex cinema chain

PVR INOX Ltd, formerly known as PVR Cinemas, is an Indian multiplex chain based in Mumbai. It was formed as a result of the merger between PVR Cinemas and INOX Leisure Multiplex. PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at Saket, New Delhi. In 2022, PVR Cinemas achieved the milestone of completing 25 years in the business. As of December 2023, PVR Inox has 1712 screens across 359 properties in 114 cities.

<span class="mw-page-title-main">Wonderla</span> Indian chain of amusement parks

Wonderla is the largest chain of amusement parks in India. It is owned and operated by Wonderla Holidays Limited which is headquartered near Bidadi, 28 kilometres (17 mi) from Bengaluru, Karnataka. It operates 3 amusement parks in Kochi, Bangalore, and Hyderabad.

Ashiana Housing Ltd. (AHL) is an Indian real estate development company established in 1986 and headquartered in New Delhi, India. The firm is a real estate company that was recognized by Forbes as Asia's 200 Best Under A Billion in 2010 and 2011.

Poonawalla Fincorp Limited is an Indian non-banking financial company (NBFC) engaged in consumer and MSME financing. It is headquartered in Pune and is part of the Cyrus Poonawalla Group.

<span class="mw-page-title-main">Raheja Mindspace</span>

Mindspace is a brand of commercial and industrial parks established by K Raheja Corp. Located in Mumbai, Hyderabad, Chennai and Pune, the industrial hubs offer offices, residential towers, entertainment facilities and other retail businesses. By 2016, the parks developed by Mindspace housed more than 50 businesses in India, including Accenture, L&T Infotech Ltd, Cognizant Technology and Capegemini Group.

Godrej Properties Limited is a real estate company with its head office in Mumbai, India and is one of the top three developers in Delhi-NCR, Bangalore, Mumbai & Pune. A subsidiary of Godrej Industries Ltd, the company was established in 1990 under the leadership of Adi Godrej. Godrej Properties Limited(GPL) is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). It operates in Chandigarh, Gurgaon, Ahmedabad, Kolkata, Nagpur, Mumbai, Pune, Hyderabad, Mangalore, Noida, Bengaluru, Chennai and Kochi.

Gateway Distriparks Limited is an Indian logistics company based in Mumbai with three business verticals: Container Freight Stations (CFS), Inland Container Depots (ICD) with rail movement and Cold Chain Storage & Logistics. The company was founded in April 1994 and originally promoted by Newsprint Trading & Sales Corporation (NTSC), CWT Distribution Limited, NUR Investment and Trading Pvt. Ltd. and Intercontinental Forest Products Pte. Ltd. (IFP) as a joint venture company to conduct the business of warehousing, container freight stations and all related activities. As of November 2015, Prism International Private Limited is the sole promoter of the company.

Mahindra Lifespace Developers Ltd. is an Indian real estate and infrastructure development company headquartered in Mumbai, India. The company was founded in 1994 and is part of the Mahindra Group. The company is engaged in residential developments under the Mahindra Lifespaces and Happinest brands; and integrated cities and industrial clusters under the ‘Mahindra World City’ and ‘ORIGINS by Mahindra World City’ brands. The company has developed properties in Mumbai, Pune, Nagpur, Ahmedabad, Delhi NCR, Jaipur, Hyderabad, Chennai, and Bengaluru.

<span class="mw-page-title-main">Smart Cities Mission</span> Indian government plan for urban development

National Smart Cities Mission is an urban renewal and retrofitting program by the Government of India with the mission to develop smart cities across the country, making them citizen friendly and sustainable. The Union Ministry of Urban Development is responsible for implementing the mission in collaboration with the state governments of the respective cities. The mission was planned to include 100 cities, with the deadline for completion of the projects set between 2019 and 2023. As of September 2023, 6188 out of total 7960 tendered projects have been completed, utilizing ₹113,721 crores out of total tendered amount of ₹171,432 crore.

<span class="mw-page-title-main">Embassy Group</span> Privately-held real estate developer based in Bengaluru, India

Embassy Group or Embassy Property Developments Pvt. Ltd is a privately held real estate developer based in Bengaluru, Karnataka, India established in 1993. The group is into real estate development for verticals like commercial, residential, hospitality, industrial warehouse spaces, services, retail and education. The company has developed projects in many Indian cities like Bengaluru, Chennai, Hyderabad, Pune, Coimbatore, Trivandrum etc. and two countries abroad. Embassy Group is headed by Jitu Virwani, Chairman & Managing Director of the group. Embassy also operates a real estate investment trust (REIT), called Embassy Office Parks REIT. Embassy Office Parks is the first listed REIT in India and the Asia's largest office REIT by area.

Livspace, is a home interior and renovation company headquartered in Singapore. It provides interior design and renovation services in Singapore and India. The company was founded in 2014 by Anuj Srivastava and Ramakant Sharma and has raised funding of $450 million.

<span class="mw-page-title-main">Palava City</span> Integrated smart city in Maharashtra, India

Palava is an integrated smart city located near Dombivli in Maharashtra state. It is developed by real estate developer Lodha and is built on a 4,500-acre land located between Thane, Navi Mumbai and Kalyan. Palava City is also referred to as the City of Opportunity. It was listed as India's No.1 smart city by Jones Lang LaSalle India's proprietary research report.

K Raheja Corp is a property developer in India with interests in commercial and residential projects, malls and hospitality across multiple cities in the country. It owns the brands Mindspace, Commerzone, Crossword Bookstores and Shoppers Stop, and is the second largest commercial developer in India. Under the Mindspace banner, K Raheja Corp also operates Mindspace Office Parks, which is a real estate investment trust (REIT).

<span class="mw-page-title-main">Lodha Group</span> Indian real estate company

Lodha or Macrotech Developers is an Indian multinational real estate company headquartered in Mumbai, India. It was founded in 1980 by Mangal Prabhat Lodha. It has developed residential and commercial properties in Mumbai, Thane, Hyderabad, Pune and London. Some of its notable projects include Lodha Altamount, The World Towers, Lodha Bellissimo, Trump Tower Mumbai and Lodha Park. The company is also credited for developing Palava, an integrated smart city near Mumbai. The company was listed as Macrotech Developers on 19 April 2021.

Home First Finance Company India Limited is an Indian housing finance company in the affordable housing segment based in Mumbai and founded in 2010. It provides home loans, loan against property and home construction loans. Its equity shares are listed on Bombay Stock Exchange and National Stock Exchange.

Signature Global is a publicly-held real estate development company in India. It was established in 2014 and is headquartered in Gurgaon, Delhi. It operates in the residential and commercial sectors and has developed projects in Delhi-NCR region.

References

  1. ↑ "Puravankara launches new project". The Hindu. 2011-03-29. Retrieved 2023-05-26.
  2. ↑ Sapam, Bidya (2018-10-21). "Bengaluru's Puravankara re-enters Mumbai housing market". mint. Retrieved 2023-05-26.
  3. ↑ "Puravankara name change". www.thehindubusinessline.com. 2017-01-04. Retrieved 2023-05-26.
  4. ↑ Khan, Sobia (2017-03-29). "Puravankara sells 19 acre land in Hyderabad for Rs 475 crore". The Economic Times. Retrieved 2023-05-26.
  5. ↑ "Bengaluru-Based Puravankara Sells Land In Hyderabad For Rs 475 Crore". NDTV.com. Retrieved 2023-05-26.
  6. ↑ "Bengaluru-based Puravankara puts its legacy issues behind". Financial Express . 2022-04-26. Retrieved 2023-05-26.
  7. ↑ "Puravankara Projects rejigs top deck; Ashish Puravankara becomes MD & CEO". VCCircle. Retrieved 2023-05-26.
  8. ↑ Nandy, Madhurima (2022-04-20). "Puravankara launches ₹750 cr fund to invest in affordable housing projects". mint. Retrieved 2023-05-26.
  9. ↑ Nandy, Madhurima (2022-07-21). "Puravankara maiden fund raises ₹200 crore in first close". mint. Retrieved 2023-05-26.
  10. ↑ "Puravankara launches new project". The Hindu. 2011-03-29. Retrieved 2023-05-26.
  11. ↑ India, The Hans (2016-07-15). "Puravankara to launch Kenworth phase-II in Oct". www.thehansindia.com. Retrieved 2023-05-26.
  12. ↑ Nandy, Madhurima (2017-03-31). "Puravankara Projects to build office portfolio, grow affordable housing unit". mint. Retrieved 2023-05-26.
  13. ↑ "Snapdeal partners Puravankara to sell flats with assured rent". www.thehindubusinessline.com. 2016-05-26. Retrieved 2023-05-26.
  14. ↑ "Real estate gets AI push; Puravankara to deploy robots". Deccan Herald. 2018-07-12. Retrieved 2023-05-26.
  15. ↑ "Stocks that will see action on October 8". www.thehindubusinessline.com. 2021-10-08. Retrieved 2023-05-26.
  16. ↑ "IFC to invest in Puravankara group's affordable housing platform". mint. 2020-12-17. Retrieved 2023-05-26.
  17. ↑ "Puravankara Projects rejigs top deck; Ashish Puravankara becomes MD & CEO". VCCircle. Retrieved 2023-05-26.
  18. ↑ "Puravankara launches new project". The Hindu. 2011-03-29. Retrieved 2023-05-26.
  19. ↑ Sapam, Bidya (2016-03-22). "Puravankara Projects to develop residential projects in Pune, Mumbai". mint. Retrieved 2023-05-26.
  20. ↑ "Sobha, Puravankara launch super luxury waterfront homes in Kochi". www.thehindubusinessline.com. 2017-12-20. Retrieved 2023-05-26.
  21. ↑ "Puravankara to launch new housing projects in Bengaluru, Pune, Chennai, Kochi". mint. 2019-06-03. Retrieved 2023-05-26.
  22. ↑ "Puravankara to invest Rs 850 cr to build 3 luxury housing projects in Bengaluru, Chennai, Mumbai". www.thehindubusinessline.com. 2019-12-22. Retrieved 2023-05-26.
  23. ↑ "Puravankara to invest ₹850 crore for housing projects in Bengaluru, Chennai". mint. 2019-12-23. Retrieved 2023-05-26.
  24. ↑ "Puravankara to invest Rs 1,100 cr on 2 new housing projects in Bengaluru". Hindustan Times. 2020-06-22. Retrieved 2023-05-26.
  25. ↑ "Puravankara to invest Rs 1,550 cr in Kochi realty project; eyes Rs 3,000 cr revenue". The Economic Times. 2022-02-17. Retrieved 2023-05-26.
  26. ↑ "Puravankara to invest Rs 1,550 crore to construct 3mn realty project in Kochi; eyes Rs 3000 crore revenue". Financialexpress. 2022-02-17. Retrieved 2023-05-26.
  27. ↑ Badkar, Shloka (2024-03-23). "Puravankara launches residential project 'Purva Kensho Hills' in Bengaluru". CNBCTV18. Retrieved 2024-03-25.
  28. ↑ Balaji, Madhu (2024-01-18). "Puravankara launches plotted development project in Chennai, stock surges". BusinessLine. Retrieved 2024-03-25.
  29. ↑ "Puravankara Limited Gets Awarded As India's Most Admirable Brand". www.fortuneindia.com. 2021-01-09. Retrieved 2023-05-26.
  30. ↑ Khan, Sobia (2023-07-20). "Puravankara ranks among top 5 realty players nationally, says report". The Economic Times. Retrieved 2024-03-25.
  31. ↑ "Puravankara collaborates with Vidyasaarathi to offer scholarships to students - EducationTimes.com". www.educationtimes.com. Retrieved 2023-05-26.
  32. ↑ "Puravankara Scholarship 50 ಅಪ್ಲೈ ಮಾಡಿ ಬಿಡಿ". News18 Kannada (in Kannada). 2023-01-07. Retrieved 2023-05-26.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.