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 Bangalore-based
Puravankara Projects Ltd, one of the leading real estate
development companies in India with a focus on developing
residential and commercial properties, will promote a Rs 300
crore standalone project in Chennai’s IT corridor.
It has acquired over 10.5 acres in Kelambakkam in the IT
corridor for the project. It is creating a land bank in and
around Chennai to promote large residential townships around the
city.
Puravankara’s first residential project in
OMR - Chennai’s IT corridor - Purva Swanlake - will have 600
apartments of 2 and three bedrooms. The apartments, whose sizes
vary from 1,250 to 1,750 sft, will be priced around Rs 3,490
onwards per sft.
The company, which has launched an IPO, is in
the process of acquiring the land around the city to promote
large residential townships which will have facilities like
schools and health services, besides entertainment, said Ashish
Puravankara, director and in-charge of Tamil Nadu. Fifty acres
have been identified in Medavakkam, in suburban Chennai, to
promote residential townships. It is also acquiring land near
Sriperumbudur.
The company is developing two commercial
projects offering 0.5 million sft of quality space, one project
of over 3 lakh sft is coming up in the Race Course area near
Guindy, and the other at Thoraipakkam, also in the IT corridor.
Puravankara is also looking at other cities in TN like
Coimbatore. It plans to develop 2.2 million sft on Trichy Road.
Ashish said right now the company had over 99
per cent of its projects in the residential sector. This will
come down to 80 per cent, and the remaining 20 per cent will be
in the commercial sector in a couple of years' time.
The company entered the capital market on
July 31, 2007, with a public issue of 21,467,610 equity shares
of Rs 5 each through 100 per cent book building process. The
price band has been fixed at Rs 500 to Rs 525 per equity share
of Rs 5 each and the issue closed on August 3, 2007.
The revenue of Puravankara Projects has
increased by Rs 746.47 million from fiscal 2004 to fiscal 2005,
which represented an increase of 97.73 per cent, by Rs 1,293.94
million from fiscal 2005 to fiscal 2006, which represented an
increase of 85.68 per cent, and by Rs 1,364.39 million from
fiscal 2006 to fiscal 2007 which represented an increase of
48.65 per cent.
The ongoing projects of the company aggregate
approximately 12.20 million sq ft of saleable area. It is
constructing 14 residential projects and one commercial project
aggregating approximately 10.98 million sq ft of saleable area
and Keppel Puravankara Development Pvt Ltd, its joint venture
with Keppel, is constructing one residential project in which
its interest extends to approximately 1.22 million sq ft of
saleable area.
In addition, as of July 2, 2007, the company
has entered into MOUs for the purchase of lands or for execution
of joint development agreements with respect to parcels of land
located in and around Chennai aggregating approximately 43.56
million sq ft which does not form part of its land bank.
The company proposes to utilise the net
proceeds of the issue to part finance land acquisition, repay
certain loans of the company and fund expenditures for general
corporate purposes.
R Rangaraj
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