Puravankara Forays Into Mumbai, Eyes NCR Real Estate Market

Real estate player Puravankara Ltd. is eyeing expansion of its business in the western part of India with new projects and launches, the company’s Group Chief Executive Officer Abhishek Kapoor said.

The Bengaluru-based real estate developer had recently secured the rights to redevelop a housing society in Mumbai's Breach Candy area.

“We have done acquisitions in Thane and Mumbai. We have signed up in Lokhandwala and have just signed four more societies there. We just announced a project in South Mumbai, and have also been appointed as a preferred developer in Pali Hills,” Kapoor told NDTV Profit.

Puravankara further plans to consolidate its position in the southern market, where a chunk of its projects are located. “Our goal is to make sure that we consolidate our position in the south, and in the west, we expand it,” he added.

The top executive revealed that the company is also exploring opportunities in the real estate space of Delhi-NCR.

“We expect that in a 2–3 years time frame, we will start seeing some contributions coming in from the NCR area,” he said.

Kapoor expects the real estate demand to get a push from the upcoming festival season. 

On being asked about the projection for the year, Kapoor said that the company is confident of collecting "at least" Rs 4,000 crore in FY25 with a series of new launches lined up. 

“We will continue to see upward momentum in the collections in the third and fourth quarters as we do the new launches,” Kapoor concluded. 

“Going forward, the third and fourth quarters will be better,” he said.

Talking about the execution timeline for the company’s projects, Kapoor said that he expects to deliver 4 million square feet by the end of this fiscal. 

He said that presently, the company's projects under development total to over 32 million square feet. According to Kapoor, the fourth quarter of FY25 will see a lot of deliveries “for sure”.