Bangalore: Puravankara Projects, a Bangalore-based real estate company, mulls to take up 2.58 million square feet residential development in Rajarhat in Kolkata, with an investment of Rs 350 crore. The company, said that the Kolkata project was being executed via a joint venture company, Keppal Purvankara Development Ltd. In this project, Purvankara will have 36.26 per cent economic interest of the 2.26 million sft of saleable area. Besides, Keppal Purvankara Development Ltd has taken up two projects in Bangalore. The first project in the JP Nagar area in the city is under development whereas the second is yet to begin.
In Chennai, Puravankara has forayed into an MoU with Galaxy Properties for the joint development or purchase of 43.56 million sft of land. Purvankara is also ready to take up first overseas project in Colombo, Sri Lanka. The company holds a land bank of 94.6 million sft of saleable area, of which the company owns about 42.77 million sft of saleable and about 6.50 million sft is owned by subsidiaries. The company through entities other than its subsidiaries owns the rest 15.71 million sft. For the fiscal ended March 2007, the company reported a net profit of Rs 130.40 crore on a total revenue of Rs 416.90 crore.
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