Purvankara Asset Management Invests Rs 93 Cr in Plotted Development in Chennai
Purvankara Asset Management a unit of realtor Purvankara has invested Rs 93 crore from its first alternative investment fund (AIF-II) in a plotted development project in Chennai. The project coming up in Guduvancheri has a development potential of 1.3 mn sq ft. This is Purvankara’s second plotted development in Chennai. “The Purva Southbay project launched in Chennai was sold out within 3 days of its launch. Encouraged by this success from our alternative investment fund we have onboarded a new plotted development of 51 acres in Guduvancheri, Chennai with a potential top line of Rs 350 crores,” said Ashish Purvankara, MD, Purvankara Ltd. This year the firm received commitments of around Rs 200 crore from investors, marking the first close of its maiden alternative investment fund (AIF-II). Launched with a target corpus of Rs 750 crore, domestic UHNIs and family offices form the bulk of the initial commitments. The fund will invest in a mix of the plotted and residential developments under ‘Purva Land’ and ‘Provident’ brands across cities – Bangalore, Pune, Chennai, Hyderabad, Chennai, and MMR. It will also invest in 6-8 mid-sized projects of Provident Housing with a four-year development timeline. Purvankara is a sponsor of the fund, and the two parties will co-invest in projects and acquire land parcels. The company has also achieved the highest sale value of Rs 793 crore for the second quarter of any financial year since inception up by 33% compared to Rs 597 crore in Q2 FY22. The demand for real estate is seeing new peaks with each passing day, especially with the festive season starting, we expect the same momentum to continue. We have achieved the highest ever sales for the second quarter and for the first half of any financial year since inception said Abhishek Kapoor CEO of Purnvankara.
Tags : Purvankara Asset Management realtor Chennai investment development Ashish Purvankara MD Purvankara Ltd Abhishek Kapoor CEO Purvankara