Construction Industry News
Bengaluru-based real estate developer Puravankara has announced plans to focus on redevelopment projects in Mumbai and Pune in Maharashtra this financial year. The company is currently in talks to redevelop three or four housing societies in Mumbai.
The real estate company is expanding its operations outside the residential sector, and exploring options in commercial redevelopment projects in several areas. After securing residential redevelopment rights for two housing societies in Mumbai in November 2023, the company is expected to generate a potential revenue of Rs 1,500 crore. In Pune, the company is considering and is currently in the discussion stages of full joint development agreements.
The real estate company is set to replenish its stock by acquiring 10 million square feet of land in cities like Bengaluru, Hyderabad, Chennai and Mumbai. Despite forecasting 15 million sq. ft. for FY24, the company was able to add only 10 million sq. ft. across 11 projects. However, the remaining 5 million square feet, which was scheduled to be launched last year, is expected to hit the market this year. More projects will be announced soon.
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