Piramal Enterprises, the realty arm of Piramal Group invests worth more than Rs.500 crore in Puravankara Group projects.
The information was shared by sources close to the development. They also said, that the investment is made in different portfolios of the Bangalore-based realtor’s company.
The officials related to the development said, “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.”
Piramal Group’s investment in distinct portfolios from residential to commercial arenas is a part of strategic collaboration to maintain the bull run of real estate development across India.
Keeping in mind, the city’s progress streak, Piramal group majorly invested in the development of commercial projects in 800,000 sq. ft. parallel to Kanakpura road. This collaboration between Primal and Puravankara Group goes well with the present commercial growth in India’s maiden IT hub.
The second best investment under this alliance is the development of a villament in 6 lakh sq.ft., in 15 acres on IVC road, Bangalore. It will render the inventive and well-appointed living space ownership aspiration in the city. This investment includes a property development in Goa of more than 1.5 million sq. ft.
Under the banner of the Puravankara group, the company has three brands, Purva, Provident Housing, and Purva Land. By far, the company has a land bank of more than 41 million sq. ft. with an additional 29 million sq.ft., from the ongoing projects.
By the end of 2023, the company lists 83 projects as completed across Bangalore, Chennai, Hyderabad, Coimbatore, Managluru, Kochi, Mumbai, Pune, and Goa.
