Puravankara Group has signed a Joint Development Agreement for a 5.5-acre land parcel in Balagere, East Bengaluru, with a gross development value exceeding ₹1,000 crores. The project spans 0.83 million sq. ft. and targets residential demand.
Indian equity markets opened flat on Thursday, with weakness in IT stocks weighing on the indices despite gains in other sectors. Market participants seemed tentative ahead of the June-quarter earnings season and a possible trade agreement with the U.S.
As of 9:20 a.m. IST, the Nifty 50 was down 0.04% at 25,466.25, while the BSE Sensex edged lower by 0.05% to 83,485.50.
Puravankara share price surged over 2% in early trade on July 10 after the company announced a significant joint development deal in Bengaluru.
Puravankara Group, a prominent Indian real estate developer, today announced it has entered into a Joint Development Agreement (JDA) for a 5.5-acre land parcel located in East Bengaluru. This development is estimated to have a combined gross development value (GDV) exceeding ₹1,000 crores.
This acquisition aligns with Puravankara's strategic objective to expand its presence in key Bengaluru micro-markets, which are characterised by robust infrastructure, excellent connectivity, and sustained residential demand. The land parcel, situated in Balagere, East Bengaluru, offers a total combined saleable area of 0.83 million square feet. Its proximity to major IT hubs and well-established social and physical infrastructure contributes to strong and steady market demand. The project is anticipated to be launched within the next six to nine months.
Commenting on the development, Ashish Puravankara, Managing Director, Puravankara Limited, said, “This joint development underscores our sustained growth strategy and reaffirms our confidence in East Bengaluru, one of the city’s most dynamic and promising micro-markets. The scale and location of this project are ideal for an ultra-luxury offering tailored for individuals seeking a refined lifestyle that mirrors their success. It aligns with our broader vision of creating high-quality, community-focused housing across Bengaluru’s emerging corridors.”
Mallanna Sasalu, CEO – South, Puravankara Limited, added, “Balagere has emerged as a high-potential residential micro-market, driven by its proximity to key IT hubs and well-established infrastructure. This project, structured under a Joint Development Agreement (JDA), reflects our capital-efficient approach to growth. The micro-market has demonstrated steady sales and rental demand, reduced market risk and supports faster inventory take-off. We expect to bring the project to market in the next 6-9 months and are confident it will be a strong addition to our expanding portfolio.”
Puravankara share price surged over 2% to an intraday high of ₹303 in early trade on July 10 after the company announced a significant joint development deal in Bengaluru. The stock opened at ₹295.05 and hit a high of ₹303.
With a market capitalisation of ₹6,996 crore, as of 10:25 am IST, the share price of Puravankara is trading at ₹293.20 per share, down by 0.86%
Looking at the stock performance, the stock price of the company has delivered negative returns of 40.30% the last 12 months, while in the last 3 months the stock has jumped by 29.93%.
Puravankara Group is one of India's most trusted realty majors, headquartered in Bengaluru with a presence in nine cities. Over the past five decades, the company has established three distinct and successful residential brands: Purva, Provident Housing Limited (PHL), and Purva Land, catering to the entire spectrum of housing and plotted development needs. Additionally, Starworth Infrastructure and Construction Limited (SICL), a wholly-owned subsidiary, focuses on technology-enabled construction solutions.
The group has also expanded into developing Grade-A commercial real estate with a presence of approximately 3 million square feet and an expanding footprint. Furthermore, their interior design arm, Purva Streaks, offers integrated interior design solutions to customers. As of March 31, 2025, Puravankara has completed over 90 projects measuring approximately 53 million square feet across nine cities: Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company's total land bank is approximately 25 million square feet, with ongoing projects adding up to 37 million square feet.
Disclaimer: The article is for informational purposes only and not investment advice.
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