Image Source: Realty Quarter
Puravankara Ltd. is in the news with a significant leadership shake-up and an ambitious growth move in North Bengaluru, marking a turning point for the real estate giant.
Key Highlights:
Leadership Change: Abhishek Kapoor, Executive Director and Group CEO since August 2021, has stepped down, with immediate effect. Kapoor, the champion of transparency, governance, and stakeholder trust, leaves office after navigating the firm through a phase of operational expansion and strategic rebalancing. The move comes as the firm recruits a new Group CFO, representing a big reshuffle in the senior management team.
North Bengaluru Mega Project: Puravankara has signed up for a joint venture to create a large 24.59-acre land parcel in North Bengaluru's suburb of Yelahanka, which is an area quickly becoming an investment hotspot driven by significant infrastructural upgrades and IT industry investments. The projected Gross Development Value (GDV) of the project is in excess of ₹33 billion, highlighting the firm's growth agenda and faith in the city's high-end residential and commercial markets.
Market Momentum: The ₹134.71 crore North Bengaluru land acquisition is an addition to Puravankara's growing portfolio. The company recently announced strong quarterly collections and strong growth in project deliveries, while sales bookings remained flat in Q1 FY25. Average price realizations and market share in core segments keep growing.
Strategic Outlook: As it places more emphasis on joint ventures and big-ticket developments, Puravankara is looking to ride Bengaluru's booming real estate scene, even while it weathers leadership turmoil.
This simultaneous development-leadership change and a blockbuster project launch-is a watershed moment for Puravankara as it aims to explore new growth horizons.
Sources: Business Upturn, Hindustan Times, Board Stewardship
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