KVN Property, Puravankara to jointly develop Rs 3,300 cr worth housing project
BENGALURU, May 10: Realty firm KVN Property Holdings LLP has tied up with Puravankara Ltd to jointly develop a housing project in North Bengaluru with a total revenue potential of more than Rs 3,300 crore.
KVN Property has been founded by Venkat K Narayana, former CEO of Prestige Group.
In a statement on Saturday, KVN Property has entered a joint venture with the Puravankara Group to develop a 24.59-acre land parcel in North Bengaluru.
The project has a projected Gross Development Value (GDV) of over Rs 3,300 crore.
The project has a potential saleable area of about 3.48 million (34.8 lakh) sq ft.
The project is slated for launch within the next six months.
Ashish Puravankara, Managing Director, Puravankara Ltd, said, “This joint venture highlights our sustained confidence in the North Bengaluru market, where we have already demonstrated strong traction.”
KVN Properties Promoter Venkat K Narayana said, “As an integrated land aggregation platform, our core strength lies in identifying and consolidating strategic land parcels across high-growth corridors. This JV, for our 24.59 acres of land with Purvankara in a high-growth corridor has huge demand for mid-income residential housing and we believe that Purvankara’s development expertise along with their marketing and delivery capabilities would bring life to this land”.
Narayana said his company’s model is designed to address structural inefficiencies in India’s real estate sector, particularly those related to land acquisition.
“By focusing on aggregating clean, contiguous, and development-ready parcels, KVN aims to accelerate project timelines and minimise risks for its developer partners,” he said.
As of December 31, 2024, Puravankara has completed more than 85 projects measuring around 51 million sq ft across nine cities — Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa.
The company’s total land bank is around 30 million sq ft, and ongoing projects add up to 33.08 million sq ft. (PTI)
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