Aiming high on a strong foundation - Deccan Herald
Having completed over 80 projects, Puravankara Projects is now planning a housing-cum-commercial project on a 500 acre land on the outskirts of Bangalore, writes MAHESH KULKARNI.
Puravankara Projects Limited (PPL), one of the leading property developers in Bangalore, is now in top gear. The real estate developer with nearly three decades of construction expertise and a strong, credible track record, which recently announced its tie-up with Singapore-based Keppel Land for development of Bangalore’s biggest apartment condominium, has drawn up a very ambitious plan for the development of residential and commercial properties in the country.
The group, set up in 1975 by Mr Ravi Puravankara in Mumbai, is also making its first overseas foray by signing a MoU with the government of Sri Lanka. It is also actively considering an entry into the United Arab Emirates to tap the potential available there for the property development.
The Puravankara Projects Ltd has so far completed 80 projects spread over five million sq.ft. of built-up area. It is now all set to launch a couple of mega housing projects in the Silicon Valley of India. PPL is now working towards launching yet another mega housing-cum-commercial project in the northern part of Bangalore.
According to PPL’s Chairman Ravi Puravankara, it will be a biggest residential-cum-commercial project being developed in the city of Bangalore. The company has earmarked 500 acre site near Yelahanka for developing an integrated township at an approximate cost of Rs 2,500 crore.
“All our endeavours at Puravankara revolve around just one entity - our customers. It is their needs, ideas and demands that drive us,” says Mr Puravankara.
PPL, an ISO 9001 certified builder has extensive presence with offices in Mumbai, Bangalore, Chennai. It currently holds the highest DA2+ credit rating by Credit Rating Information Services of India Limited (CRISIL), indicating a credible track record of the property developer. The CRISIL DA2+ rating is based on the company’s track record in areas such as legal compliance, adherence to delivery schedule and product quality.
Puravankara always starts its new project only after obtaining necessary approvals and titles. It never initiates a project unless the legalities are met, nor pursue it further if the land or the location falls short on suitability norms.
“Our vision is to build a future wherein the Puravankara Group is a household name across the country and is known worldwide for development and marketing of a fine living environment with highest quality and unmatched value-for-money,” says Mr Puravankara.
JV with Singapore firm
Puravankara has recently entered into a collaborative agreement to form a joint venture with Keppel Land Limited, the property arm of the 54 per cent owned Singapore government-linked conglomerate, Keppel Corporation Limited to develop an integrated apartment complex worth over Rs 400 crore at J P Nagar 6th phase. The joint venture with Puravankara Projects Limited has been granted an in-principle approval by Foreign Investment Promotion Board (FIPB).
The proposed project will be a high rise condominium development comprising of more than 2,000 apartments with comprehensive recreational facilities, spread over 24 acres, located at JP Nagar.
As Mr Ravi Puravankara, says “Bangalore city which has for long hailed as the Silicon Valley of India possesses one of the fastest growing populations in the country, thereby bringing about a need for quality residential and township developments. With our tie-up with the Keppel Group we aspire to further reinstate our leadership position in the real estate space.”
The joint venture has also plans to explore other key Indian markets such as Mumbai, Delhi, Chennai, Kochi, Hyderabad and Kolkata for development opportunities. The first phase of the proposed project in Bangalore is expected to be launched in early 2006.
International quality
“Our endeavour, through such joint ventures is to bring in international quality of construction to the people in our country and provide them an international living experience”, he said.
Keppel Land Limited, the property arm of Keppel Corporation Limited, with core businesses in offshore and marine, infrastructure, and property, is one of the largest listed property companies by total assets on the Singapore Exchange Securities Trading Limited.
The company is an established developer of premier residential properties and investment-grade offices. It is geographically diversified in Asia including Singapore, China and Hong Kong, Thailand, Vietnam, India, Indonesia, Malaysia, Philippines, South Korea, Australia, and Myanmar. Kevin Wong, Managing Director, Keppel Land said, “Our first foray into India is timely and strategic with the country’s economy, now the fourth largest in the world, taking off, and with growing affluence amongst its huge population. We hope to leverage our association with the Puravankara Group to establish our presence as a premium regional property developer in India.”
Mega township
Puravankara is now busy in finalising its proposed mega township near Yelahanka. It will be the biggest ever township with all modern amenities at one place. The project, spread over 500 acres will predominantly comprising houses, both independent and apartments, villas, row houses, low-rise apartments, etc.
The township will be jointly developed by Puravankara Projects and Keppel Land of Singapore, for which a new joint venture company has been set up. The Singapore company through the JV is also introducing new trends in the construction industry apart from pooling in funds required for the development of the project.
“Our aim is not just building houses, but to build neighbourhoods, enivornment,” adds Mr Puravankara.
The township will have all the facilities, such as wide roads, shopping centres, health centre, school and entertainment-cum-leisure centres in one place. The work on the project will commence in the next six months. Good wide roads being constructed at the project will cut the distance to the city centre, adds Mr Puravankara. The project work for the Rs 400 crore residential complex at J P Nagar 6th phase will commence in the next six months. It will be a better product on a low cost on the outskirts of Bangalore.
Overseas foray
In an effort to tap the huge potential available for developing housing projects in Sri Lanka, the Puravankara group is also planning to build residential complexes in the island nation.
The company has already signed a memorandum of understanding with the government of Sri Lanka for setting up a joint venture company to implement its projects.
PPL aims to develop a residential-cum-commercial project spread over 4 lakh sq.ft. area in Sri Lanka. The land for the project will be provided by the Sri Lankan government. The detailed negotiations in this regard are in the final stages.
Mr Puravankara said the company has also been given an assurance for the allotment of land in UAE for developing a residential project.
The company, which is currently undertaking construction of several residential and commercial properties worth over Rs 1,000 crore in and around Bangalore, has also announced its foray into other south Indian cities like Kochi and Chennai. It has just closed the deal for development of a residential property facing the sea at Marine Drive in Kochi at a cost of Rs 100 crore.
The building will have a built up area of 3 lakh sq.ft. consisting of 14 floors. It will have 120 flats measuring over 2,000 sq.ft space each. The company will provide a gymnasium, terrace swimming pool, club house and space for indoor games, like snooker court, etc. The final clearances for the project are being obtained by the Kerala government, he said.
“We are expanding into these cities mainly because there is a lot of development happening. With the growth of IT industry, there is lot of demand for residential properties,” Mr Puravankara said.
Puravankara group is also in the process of developing a residential property in Chennai. The project will be developed on Arcot Road, Chennai. The company has already signed agreement for the land acquisition and waiting for other clearances, Mr Puravankara said. It has also signed a deal for developing an office complex for a MNC software company in Bangalore.
