Puravankara Limited is an Indian publicly-heldreal 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]
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]
In 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]
