Puravankara Opts Balagere for High-End Residential Project

Puravankara Group, a leading real estate company, has signed a joint development agreement (JDA) for a 5.5-acre landholding in Balagere, East Bengaluru. The soon-to-be-developed property, with an estimated gross development value (GDV) of more than ₹1,000 crore, is a key addition to the group's growing presence in the city's high-growth micro-markets.

The property provides a saleable area of about 0.83 million square feet and is strategically positioned around large IT clusters and major infrastructure. Balagere, famous for strong demand in the homebuying as well as rental markets, is one of Bengaluru's up-and-coming premium residential corridors. 

Key Highlights-

• Puravankara signs joint development agreement for a 5.5-acre land parcel in Balagere, East Bengaluru, with a projected GDV of over ₹1,000 crore
• The ultra-luxury residential project will offer 0.83 million sq. ft. of saleable area near major IT hubs
• The project will be executed under a capital-efficient JDA model to accelerate time-to-market and reduce development risks

Ashish Puravankara, MD, Puravankara Limited, said, "This is a high-growth area, and the project size is perfect for an ultra-luxury housing scheme. It shows our focus on development in key Bengaluru sites."

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The firm plans to launch the ultra-luxury residential project in 6 to 9 months, as it looks at catering to those who want luxury living spaces.

Talking about the development, Mallanna Sasalu, CEO, South, Puravankara Limited, stated, "Balagere's location advantage near IT parks and solid public infrastructure make it a prime residential destination. Implementing the project under a JDA framework is cost-efficient, de-risked, and will enable us to expedite time-to-market."

This transaction comes on the heels of two significant land purchases earlier this year: a 3.63-acre parcel in Kanakapura Road for GDV ₹700+ crore, and a 24.59-acre joint development in North Bengaluru aiming for ₹3,300 crore GDV. These transactions mark Puravankara's strategic growth across Bengaluru's fast-paced realty hotspots.