Real estate company Puravankara Projects has planned a number of projects across several major cities, including Bengaluru, Pune, Mumbai and Hyderabad, and expects to deploy a capital expenditure of Rs.1,000 crore during the year from Rs.900 crore last year.
The company is poised to work on a new project close to the PV Narasimha Rao Expressway (Outer Ring Road) in Hyderabad under its Provident brand.
Ashish Puravankara, Managing Director of Puravankara Projects, told BusinessLine that, “Last year, we sold about 2.97 million sq.ft of built-up space and expect to sell about 4 million sq.ft this year. Thus far, the company has completed 24.85 million sq. ft across seven major cities and has a strong pipeline of projects.”
Referring to the Hyderabad market, which has seen a subdued growth over the past few years, he said: “It is poised to grow at a much faster pace. This is our assessment based on what we see on the ground and through interaction with various other players. The positive change has been mainly due to the stable Government in power and proactive steps taken for development of the city.”
Hyderabad has one of the best infrastructure, including international airport and expressways, and is posed to attract big investments. Investments made by Google on its new campus and Ikea indicate this demand. The funding for new projects would be met by way of internal accruals, loan and private equity transaction wherever necessary.
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