Real estate developer Puravankara venturing into co-living space

Bengaluru-based Puravankara, a real estate developer, is entering into the co-living and warehousing segments for its business expansion. The company focuses mainly on residential housing.

Puravankara will soon introduce its first co-living project in Goregaon, Mumbai, spread over 350,000 sq ft. 

Ashish R Puravankara, Managing Director of Puravankara, said, “Going ahead, the buying behaviour of millennials will change. We are right now deciding whether we should float our own brand or tie-up with an operator.”

Puravankara is also making an entry into the warehousing segment. For this, the firm has entered into an agreement with Morgan Stanley’s real estate investment arm to jointly fund and develop warehousing assets across Mumbai, Chennai and Bengaluru.

“The partnership is solely opportunity-based. We are currently evaluating a land parcel jointly in Bengaluru,” Ashish added. 

The Bengaluru-based company’s first warehouse is coming up in Chennai, spread across 42 acres.

Puravankara is further eyeing to double its commercial and retail portfolio to 10 million sq ft by 2023. The realty developer has already acquired land in Bengaluru, Mumbai, Pune and Hyderabad to expand its commercial portfolio.

Kuldeep Chawla, CFO, Puravankara, stated, “Currently, 50% of the company’s revenue comes from Provident and we expect that to go up further. Five years from now, Provident will become the largest housing company in India.”