Puravankara to invest Rs 125 crore in Pune project

New Delhi: Realty firm Puravankara Ltd will invest Rs 125 crore to develop a housing project in Pune in partnership with a local builder.

The company said it will construct 236 apartments in this four-acre project ''Purva Aspire'' and is expecting a revenue of Rs 200-250 crore.

The first phase of this project will be ready by September 2023. Puravankara said it has identified Pune in Maharashtra as one of the core 5-6 cities for growth and plans to launch various projects, comprising around 10 million sq. ft, in the coming years.

"Pune is one of the key markets for Puravankara. In the last one decade, Pune has emerged as an IT and automobile hub.

The residential real estate market in Pune has picked up quite well as compared to other cities in past three years," said Abhishek Kapoor, COO-Residential, Puravankara.

The company is evaluating various joint venture proposals to expand its presence in Pune market.

Puravankara has 40 million sq. ft of projects which are completed and delivered; around 20 million sq. ft under development. Currently, the total land asset of the company is nearing 70 million sq. ft.

The company had posted a 28 per cent increase in consolidated net profit at Rs 27.5 crore for the September quarter on higher sales.

Total income for the second quarter rose to Rs 623.81 crore from Rs 499.28 crore in the corresponding period of 2018-19.