Bengaluru-based real estate developer Puravankara has acquired a 3.63-acre land parcel in Vajrahalli, Kanakapura Road, Bengaluru. The land is expected to generate a gross development value (GDV) of over ₹700 crore.

The acquisition includes a saleable area of 5.42 lakh sq. ft., aligning with the company’s strategy to expand its footprint in key micro-markets of Bengaluru.

Commenting on the development, Ashish Puravankara, Managing Director of Puravankara Limited, said, “This land parcel is in a micro-market with buoyant demand and limited land availability for development. It holds significant potential for premium residential projects. We focus on business development to replenish our land bank in strategic locations with favorable demand-supply dynamics.”

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The company’s looses widened for Q2FY24 at ₹17.06 crore, a more than 50 per cent increase from ₹11.22 crore loss in the same period last year. Sequentially, the company turned from a profit of ₹14.78 crore in Q1FY25 to a loss in the second quarter. The consolidated revenue stood at ₹520 crore, with a 36 per cent increase. Net debt was ₹2,430 crore in September, up from ₹2,237 crore in June 2024.

Recently, the company annouced the appointment of Deepak Rastogi as the Group Chief Financial Officer (CFO), who previously held leadership roles in Deepak Fertilisers and Petrochemicals Ltd., and President & Group CFO at TATA Autocomp Systems Ltd.