Purvankara revisits Colombo after end to war
The Economic Times, August 18, 2009, Page 7
Shruti Sabharwal & J Padmapriya BANGALORE
WITH the civil war now over in island nation Sri Lanka, Bangalore-based developer Puravankara Projects — which picked up some land parcels three years ago in Colombo for a song — is ready to try its fortunes in the neighbouring country that is now presenting a huge demand for property.
In its maiden move into the global realty market, Puravankara plans to launch a high-end villa project in its 26-acre parcel on Colombo’s air-port road and a 4 lakh sq ft serviced apartment/office complex in the downtown area. It is in the process of getting sanctions from the planning agencies in Colombo.In an interview with ET, a rare media interaction in recent years, Puravankara chairman Ravi Puravankara said, “with the civil war over, we are seeing huge demand for affordable housing in Colombo. We have already initated the land acquisition process.”
A realty consultant, who has recently visited the Colombo market, says, “the fear factor has reduced, tourism is picking up and the in-vestment market is starting to look up. In the residential space, Co-lombo is still an independent home market. There could be a market for apartments and good quality office space.”
Puravankara’s move abroad comes at a time when the home market (Bangalore) is witnessing a very slow recovery in offtake after at least three quarters of depressed buying sentiment.
The Bangalore-based developer recently launched its sub-Rs 20 lakh affordable housing projects, under its subsidiary Provident Housing, in Chennai and Bangalore after nearly a twoyear-long hiatus. Developers have been shelving their plans after the global financial meltdown coupled with job loss fears among the target buyer community in IT hub Bangalore dulled the appetite for homes carrying a higher ticket price.
Puravankara claims that Provident’s Chennai project attracted 700 bookings in the first month while nearly 400 buyers booked their apartments in the first week of launch of its Bangalore project. The company is on a land-buying spree targeting 37 acres in Coimbatore 110 acres in Hyderabad, 50 acres in Hosur Road, 28 acres in Kochi and 61 acres in Mysore Road across city fringes.
The Economic Times, August 18, 2009, Page 7
Shruti Sabharwal & J Padmapriya BANGALORE
WITH the civil war now over in island nation Sri Lanka, Bangalore-based developer Puravankara Projects — which picked up some land parcels three years ago in Colombo for a song — is ready to try its fortunes in the neighbouring country that is now presenting a huge demand for property.
In its maiden move into the global realty market, Puravankara plans to launch a high-end villa project in its 26-acre parcel on Colombo’s air-port road and a 4 lakh sq ft serviced apartment/office complex in the downtown area. It is in the process of getting sanctions from the planning agencies in Colombo.In an interview with ET, a rare media interaction in recent years, Puravankara chairman Ravi Puravankara said, “with the civil war over, we are seeing huge demand for affordable housing in Colombo. We have already initated the land acquisition process.”
A realty consultant, who has recently visited the Colombo market, says, “the fear factor has reduced, tourism is picking up and the in-vestment market is starting to look up. In the residential space, Co-lombo is still an independent home market. There could be a market for apartments and good quality office space.”
Puravankara’s move abroad comes at a time when the home market (Bangalore) is witnessing a very slow recovery in offtake after at least three quarters of depressed buying sentiment.
The Bangalore-based developer recently launched its sub-Rs 20 lakh affordable housing projects, under its subsidiary Provident Housing, in Chennai and Bangalore after nearly a twoyear-long hiatus. Developers have been shelving their plans after the global financial meltdown coupled with job loss fears among the target buyer community in IT hub Bangalore dulled the appetite for homes carrying a higher ticket price.
Puravankara claims that Provident’s Chennai project attracted 700 bookings in the first month while nearly 400 buyers booked their apartments in the first week of launch of its Bangalore project. The company is on a land-buying spree targeting 37 acres in Coimbatore 110 acres in Hyderabad, 50 acres in Hosur Road, 28 acres in Kochi and 61 acres in Mysore Road across city fringes.
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