Puravankara Ltd, a prominent real estate developer in India, has entered into a Joint Development Agreement (JDA) for a premium residential project in East Bengaluru. The agreement involves the development of a 5.5-acre land parcel in Balagere, one of the city’s fastest-growing micro-markets. The project carries an estimated Gross Development Value (GDV) of over ₹1,000 crore and will encompass approximately 0.83 million square feet of saleable residential space.
The Balagere micro-market, strategically located near major IT hubs in East Bengaluru, has gained traction for its strong infrastructure, seamless connectivity, and growing demand for housing. This location offers a low-risk, high-demand environment for residential development, making it an ideal choice for Puravankara’s next project. The company plans to position the development as an ultra-luxury offering, catering to Bengaluru’s premium housing segment.
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Ashish Puravankara, Managing Director of Puravankara Ltd, stated that this project is in line with the company’s long-term strategy of focusing on high-quality developments in key growth corridors. Mallanna Sasalu, CEO – South, also emphasized the potential of the Balagere area, describing it as a market with strong absorption and minimal inventory risk.
The JDA model allows Puravankara to adopt a capital-efficient approach by sharing development responsibilities and risks with its land-owning partner. This structure has become a preferred model for the company as it continues to scale its footprint in major urban markets without overleveraging.
Following the announcement, Puravankara’s stock saw a brief spike in early trading, hitting an intraday high of ₹303. The company’s shares have witnessed a 30% increase over the last three months, although they remain down nearly 40% year-on-year.
Founded in 1975 and headquartered in Bengaluru, Puravankara has delivered more than 90 residential projects covering over 53 million square feet across nine Indian cities. As of March 2025, the group holds a land bank of about 25 million square feet, with another 37 million square feet under active development. Its diverse portfolio includes the Purva brand for premium housing, Provident for mid-income housing, and Purva Land for plotted developments. The group also has a presence in commercial real estate and interior solutions.
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This latest agreement follows a series of major projects announced by Puravankara in recent months, including a ₹3,300 crore residential JV in North Bengaluru and a ₹2,100 crore redevelopment plan in Mumbai’s Chembur. The Balagere project further strengthens the company’s focus on high-growth, capital-efficient developments in India’s urban hotspots.