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Piramal Group's flagship company, Piramal Enterprises, has made a substantial investment exceeding Rs 500 crore in a portfolio of projects developed by Bengaluru-based real estate developer Puravankara Group, according to three individuals familiar with the matter. This investment encompasses a diverse range of projects, spanning commercial properties to residential ventures, reflecting a strategic collaboration aimed at bolstering real estate endeavors across various regions in India.
"The Piramal Group entity has made this investment through a senior secured financing structure and it currently covers a total of four projects of the developer," said one of the individuals mentioned above.
Among the key projects covered by this investment is the development of commercial properties spread over 800,000 sq ft along Kanakapura Road, a vibrant locality in Bengaluru known for its rapid urbanization and commercial growth. This move aligns with the trend of commercial expansion in Bengaluru, fueled by its status as an IT hub and a thriving business ecosystem.
The investment also extends to the development of IVC villaments in Bengaluru, catering to the evolving preferences of homebuyers for innovative and luxurious living spaces. Villaments, a fusion of villas and apartments, offer a unique residential experience, combining the privacy and space of a villa with the amenities and convenience of an apartment complex. Additionally, the investment includes residential properties spread over 1.5 million sq ft in Goa.
Queries sent to Piramal Group and Puravankara by ET via email remained unanswered at the time of publication.
This investment mirrors the ongoing trend of collaboration between developers and financing companies to leverage growth opportunities in the real estate market.
Puravankara operates three brands - Purva, Provident Housing, and Purva Land - catering to a spectrum of housing and plotted development. The company's land bank exceeds 41 million sq ft, with projects totaling 29 million sq ft. As of September end, it has completed over 80 projects measuring 46 million sq ft across Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa.
