Puravankara Limited has informed the Exchange regarding a press release dated May 09, 2025, titled "Puravankara Group Announces JV for 24.59-acre land parcel in North Bengaluru with potential GDV of over ₹3,300 crores".
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Puravankara Group has announced a joint venture with KVN Property Holdings LLP to develop a 24.59-acre land parcel in North Bengaluru. The project carries a potential gross development value (GDV) of over ₹3,300 crores, with a total saleable area of approximately 3.48 million sq. ft. The development is expected to launch within 6-9 months, benefiting from proximity to Kempegowda International Airport and upcoming infrastructure hubs. Separately, the company announced the appointment of Mr. Mallanna Sasalu as CEO – South, while Mr. Abhishek Kapoor has resigned from the position of CEO and Executive Director. The leadership transition brings in a seasoned real estate professional with over 32 years of experience and a Harvard Business School background.
This is a meaningful pipeline addition that significantly expands Puravankara's development footprint in a high-demand Bengaluru micro-market, potentially boosting future revenue visibility. The leadership change, involving the exit of the CEO, may introduce short-term transition risk, but the appointment of a senior industry veteran should help maintain execution momentum.