Bangalore based Purvankara goes to Hyderabad

Purvankara, Bangalore based real estate tycoon, is exploring Hyderabad market, planning to sell flats via a book building process. They are optimistic about prices rising in future, which will benefit investors and end-users.

Bangalore, Puravanakara’s home market, as well as Delhi and Mumbai, have seen prices increase so much over the last few years that demand has been hit.

“We are very confident of the Hyderabad Real estate market and its high potential for appreciation,” said Ashish Puravankara, Managing Director, Puravankara Projects.

“The Real estate prices have been increasing gradually and are very affordable, offering great value for end user and investors.”

As a part of its new strategy, the company is proposing to launch around 12.5% of its new projects in Hyderabad.

Out of this, about 5 mn sq feet will be for the luxury market and another 5 mn sq feet under its Provident Premium affordable housing segment.

The Group will shortly launch a large project under the Provident Brand in Rajendranagar on the PVNR Airport Expressway, through a book building process. Recently, Lodha Developers had conducted a similar reverse bookbuilding process to sell its flats in Thane.

“The project which has been tied up through a Joint Development model, is already generating a lot of interest from buyers and real estate brokers across the country and in overseas markets,” it said.

The stable socio-political environment and the pro-growth outlook of the policy makers in the city, is expected to trigger a multi-year economic growth and boost the Hyderabad market, the company said.

Hyderabad is seeing a spurt in growth as the new growth-hungry Telangana government aggressively woos investors and companies.

“With commercial real estate already seeing significant traction in the city, the residential market is expected to open up soon and offer vast opportunities for Tier 1 development firms.”

“In the next 2 years, the latent demand for housing will propel the markets up in terms of both price and sales velocity.”

 

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One thought on “Bangalore based Purvankara goes to Hyderabad

  1. Worst experience with Purvakara. You have to become their customer to know their ugly side.

    Some of my experiences after investing in Purva Midtown

    1. Flooring work is bad across all the flats. Multiple inspections are needed to fix simple issues.

    2. Common area which was told/shown will be accessible to all, has been sold to some of the flat owners.

    3. Construction got delayed by more than a year, but they expect the property tax to be borne by the customer for that year.

    4. Once registration date is fixed a month in advance, they are not able to provide a simple payment details that needs to be paid at the time of registration. They will give it to you 1 or 2 days before registration and that is not fair. It needs to be provided at-least in week prior to registration.

    5. Property tax needs to be borne by the owner even if possession has not been provided for that year. This is told after the registration is done.

    Everything is beautiful about Purva before you become a customer, after that its full of surprises and unhappiness. If anyone wants to learn how to give lame excuses wrapped in a form of reasons, Purva is the best place to work and learn it.

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