Puravankara Limited has informed the Exchange regarding Appointment of Mr Mallanna Sasalu as Chief Executive Officer -South of the company w.e.f. May 09, 2025.
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Puravankara announced three key developments on May 9, 2025. First, the company has entered a joint venture to develop a 24.59-acre land parcel in North Bengaluru with an estimated Gross Development Value exceeding ₹3,300 crores and a saleable area of about 3.48 million sq ft, with launch expected within six months. Second, Mr. Mallanna Sasalu, currently leading Provident Housing (a material subsidiary) with 32+ years of real estate experience and a Harvard Business School background, has been appointed as CEO-South. Third, Mr. Abhishek Kapoor has resigned as Executive Director and Group CEO citing personal reasons, effective the close of business on May 9, 2025. Kapoor confirmed there are no other material reasons for his exit and committed to a smooth transition after over five years with the company.
The ₹3,300+ crore JV signals strong growth momentum in Bengaluru's northern corridor, which is positive for future revenue. However, the sudden exit of the Group CEO combined with a regional replacement may create short-term uncertainty around leadership continuity and execution of ongoing projects.