Comments
Purva Land, which is a part of Puravankara Ltd (NSE: PURVA), engaged in developing plotted lands, will be, at some point in time, hived off as a subsidiary. Purva Land is today a ₹1,000-crore brand, which is expected to double in the next financial year.
The proposal to hive-off Purva Land into a separate, wholly-owned legal entity, came up in an information chat that businessline had with the officials of Puravankara, on the sidelines of a press conference to announce the launch of Purva Soukhyam, near Chennai.
Residential brands
Puravankara has three residential brands — Purva, Purva Land and Provident Housing Ltd – each catering to a different segment of the market (and a division for commercial buildings). Provident Housing Ltd is a wholly owned subsidiary; Purva Land would be another. Asked if they would be listed, officials said that that was broadly the idea, but nothing is planned for the immediate future.
Purva Soukhyam is coming up at Guduvanchery village, 41 km south of Chennai, on a piece of land that Puravankara purchased for ₹210 crore. The 120-acre Phase-I is split into 2,200 plots, ranging from about 600 sqft to about 5,000 sqft, and comes with many amenities, such a swimming pool, spa, yoga centre and sports courts, and a 30,000 sqft clubhouse. Eighty per cent of the plots are in the range of 800 sqft to 1,800 sqft.
Interested in NCR
Across its brands, the 48-year-old Puravankara has so far delivered 45 million sqft across 80 projects and has another 29 million sq ft under construction, Abhishek Kapoor, Group CEO, Puravankara, told journalists on Thursday. He said the company has a land bank of over 40 million sqft. The company is present in nine cities — Bengaluru, Hyderabad, Chennai, Kochi, Coimbatore, Mangalore, Goa, Mumbai and Pune. Kapoor said that Puravankara is interested in NCR too. “Customers’ confidence in owning a plotted development property is much higher than before, after the establishment of the Real Estate Regulatory Authority (RERA),” Kapoor said.
For the first nine months of the current financial year, ended December 31, 2023, Puravankara (BSE:532891) reported 89 per cent increase in sales, to ₹3,967 crore. On the NSE on Thursday, the Puravankara share (face value of ₹5) closed at ₹229.45, which was ₹8.15 (3.68 per cent) higher than the previous close.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.