Puravankara, the real estate giant of South India stepped into the co-living and warehousing segments to expand its business, an official said.
This Bengaluru-based firm emphasizes on developing residential housing has planned to launch its maiden co-living project in Goregaon, Mumbai and this project will cover more than 350,000 sq ft area.
Ashish R Puravankara, Managing Director, Puravankara group said that the buying pattern of the millennials will change in future. At present, the company is finalizing if we should float our brand or go into a joint venture with an operator.
The company also signed an agreement with the international brand Morgan Stanley to foray into warehousing business. This project will be funded and developed jointly in cities like Mumbai, Chennai and Bengaluru.
Company MD also said that the partnership is solely opportunity-based and the firm is presently assessing a land parcel jointly in Bengaluru.
The maiden warehouse covers 42 acres and will be located in Chennai. Whereas, Morgan Stanley Real Estate Investing, the international private real estate investment management arm of Morgan Stanley is an active property investor from the past two decades. The company manages approximately $471 billion in assets internationally.
The Puravankara group also plans expansion by increasing its commercial and retail portfolio to 10 million sqft in the next three years i.e. 2023. The developer has also acquired land in Bengaluru, Mumbai, Pune and Hyderabad to work on commercial portfolio expansion.
Other than this, the group also plans to launch 11.06 million sqft over the next 12-15 months. The maximum projects will be launched under its premium affordable housing segment Provident.
Kuldeep Chawla, CFO, Puravankara said that presently, the group is earning 50% revenue from Provident and we are expecting a rise in the same. He also said that Provident will become the biggest housing firm in the next five years.