Ravi Puravankara : A Realty Visionary

Ravi Puravankara

In 1975, the promise of Mumbai, India’s business epicentre lured a young man to its glitzy shores. In a quintessential narrative, he came to the city with big dreams, bolstered by little more than grit and determination.  He foresaw a unique opportunity for high-quality property development in the thriving metropolis and with a single-minded focus and a steely resolve he pursued his vision.  The prodigious youngster, who made his initial forays into real-estate at a very early age, is today listed among Forbes’ ‘100 Wealthiest Indians’ list. Among his numerous laurels, Ravi Puravankara was endowed with the ‘Lifetime Achievement’ award at the Realty Plus Excellence Awards-2012, Lifetime Achievers Awards for Outstanding Contribution to Real-Estate Sector at the CMO Asia Awards for Retail Excellence – 2013, ‘Scroll of Honour’ award at the Realty Plus Conclave & Excellence Awards – 2014 (South), BRAND ACHIEVERS AWARD – Lifetime achievement Award  for Excellence – 2015, 9th REALTY PLUS EXCELLENCE AWARDS (SOUTH) 2017 – Scroll of Honour and BAM (Builders, Architects & Building Material) Awards 2018 for – Life Time Achievement Award, to name a few.

Ravi Puravankara
Ravi Puravankara

His foray into the world of Real Estate when he chanced upon he had an opportunity “that wouldn’t wait” – a chance to procure a stretch of land in his desired locality, thereby founding Puravankara Limited (PL), and the rest is history. Since then, the company has grown from strength to strength, having successfully completed 62 residential townships & five commercial parks spanning 40 million square feet. Currently, it has about 29 million square feet of projects under development, with an additional 70 million square feet in projected growth over the next 7-10 years.

When Ravi Puravankara decided to expand his base to Bangalore in 1985, the disruptive innovation that he bought in the realty landscape was a sight to be reckoned with. It was like a new wave of apartment scene in the garden city which was partial to bungalows and independent homes. At the time, the standard norm here was not more than 10-15 flats in a complex, but he envisioned the future built one with 660 apartments, the very first in Bangalore. Working on that scale, he ushered in the concepts of a clubhouse, a swimming pool and multiple amenities within the community. This indeed was the beginning of the ever-expanding Bangalore real estate market.

Puravankara prides itself on continual innovation to meet evolving market needs. In 2008, Ravi Puravankara had yet another epiphany.   This time he conceived a vision for housing the burgeoning mid-income segment, it was an idea he was tinkering with since the early 2000s, always ahead of the curve. Under his aegis, Provident Housing Limited, a wholly owned subsidiary, was established to address the aspirations of upwardly mobile Indians and first-home buyers. The pioneering ‘premium affordable’ Provident proposition would bring best-in-class homes at affordable prices, underscored by a rigorous value-engineering process than reins in costs.  The proposition has so far been very well received in the market with nearly 11 million square feet of projects now under development. As demand continues abated, the company plans to further augment its presence in this segment.

Ravi Puravankara, who founded the Puravankara Group in 1975, is the chief promoter and the driving force behind the company’s meteoric growth, fuelled by his prescient vision. The group, which began its operations in Mumbai, has established a sizeable presence in the metropolitan cities of Bangalore, Chennai, Coimbatore, Hyderabad, Kochi, Mangalore, Pune, Goa, Kolkata and in overseas locations such as Sri Lanka, Dubai and Saudi Arabia. The flagship parent company, Puravankara Limited, is listed on the Bombay stock exchange.

Driven by the foresight and vision of Ravi Puravankara, Puravankara Limited also has the distinction of being the first developer to obtain FDI in the Indian real estate industry through its joint venture with Singapore based Keppel Land Limited, the property arm of the 54% (Singapore) government-owned conglomerate, Keppel Corporation Limited. The joint venture company, Keppel Puravankara Development Private Limited, has on-going housing projects across the country.

Puravankara’s strong track-record and Institutional strengths set the company apart in the realty sector. Their commitment to corporate governance has ensured accountability, fairness and transparency in all the processes. This has also made Puravankara Limited one of the most trusted companies in the Industry. This is a clear reflection of Ravi Puravankara’s values and believes and which he always carried on his sleeves and ensured the the same is followed by the last employee in his group of Companies. His employees, from the 400-odd people, who were in the company five years ago, grew to the 900 plus employees today, work cohesively as a unit to accomplish what he set out to do – help people achieve their dreams!

Both Gurgaon & Noida To Gain Greatly From Improved Infrastructure

(Previously published on 8th Dec, 2018 in the Delhi edition of DNA Property Newspaper.)

Gurgaon and Noida are two of the best planned cities in northern India. They are also very important real estate markets adjacent to South and Central Delhi. Both these twin markets are very versatile in terms of the wide variety of residential choices they offer to investors and end users. These include villas, bungalows, apartments, penthouses and plots. Both, Gurgaon and Noida are also set to gain a lot from the much improved infrastructure around them.

Gurgaon gains a lot from the presence of BFSI, ITeS & Manufacturing sector while Noida has largely ITeS & Manufacturing companies spread across its SEZs. Several MNCs and large domestic firms – Cognizant, Google, Maruti, Honda Motors and many more have operations in these twin cities. As a result of these excellent job opportunities, many young professionals and working families throng to these cities. They also benefit greatly from the top notch schools, colleges & hospitals located here as well as numerous avenues for shopping and recreation; some of the largest malls in the country are located in Noida and Gurgaon.

With the completion of the Gurgaon leg of the Dwarka Expressway travel and connectivity has received a big boost. For residents and office goers in Gurgaon, this will be a big relief. Further enhancements under the Bharatmala Highway Project such as an elevated 23 km stretch of the Expressway, various connections which connect the elevated portion to different parts of Gurgaon, and the tunnel connectivity to the IGI airport will further boost connectivity in Gurgaon. Work on a cloverleaf 500 metres from the Kherki Daula toll plaza will begin soon and is expected to decongest daily traffic at this major junction.

Noida’s big pain point was connectivity to the IGI Airport and Terminal 1, but with the new Magenta line things have become much smoother, as one can get down at Terminal 1 and access all of South Delhi easily. Further extension work of metro till Greater Noida will connect some of the best residential sectors & Peripheral Business Districts in this city. The 56 km Faridabad-Noida-Ghaziabad Expressway (FNG) will further augment road connectivity while the newly inaugurated Eastern Peripheral Expressway provides Delhi-Greater Noida connectivity. The new Jewar airport in Greater Noida is expected to provide an alternate air travel option and ease traffic at the IGI.

Good town planning, excellent multi-modal transport and a growing commercial demand has led to some of the country’s leading developers choosing Gurgaon and Noida for development. Top names including Tata Housing, Sobha, Godrej, Shapoorji Pallonji have now found a stronghold in these markets, while several more are supposedly scouting for land.

Land prices as well as product prices have softened over the last 3 years, this gives a good chance for end buyers and investors to enter this market, the most sought after one in north India.

Bengaluru Trumps Mumbai in Uptick of Residential Market

It may seem as if the lean period in Indian real estate market could be turning the corner. Based on Knight Frank’s ninth edition of its flagship half-yearly report on Indian Real Estate for the period January-June 2018 (H1), the residential real estate market seems to be making a comeback from the slowdown caused due to ‘testing triplets’ of demonetisation, RERA and GST.

Knight Frank, an independent property consultant which routinely releases its analysis of the real estate markets around the world and India released this report on July 25th, a day when the Maratha Kranti Morcha called for a state and city wide bandh to protest farmer deaths in the Marathwada region. Most retail establishment across Mumbai were shut for the day and roads were remarkably empty for a city that experiences traffic jams all day. Thankfully the bandh was called off by evening so that people could get home safely. However, the scenario sums up the developmental issues our country and leading cities face, in the backdrop of which the positive news of renewed growth in real estate and its ancillary sectors is a much needed balm.

According to Knight Frank report which analyses the 8 cities of Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR and Pune, there was a 46% YoY increase in units launched during the H1 period, while the increase in units sold was at 3% YoY in the same period. This marks the highest level of launches and sales in the last 18 months since demonetisation was rolled out at 124,000 and 92,000 units respectively.

Mumbai saw a staggering 128% YoY rise in residential launches, accounting for 40% of the total launches across the 8 cities covered in the report. However, the sales grew just 1% casting a shadow on positive sentiments. By contrast, Bengaluru saw a modest but very positive 11% rise in launches and even better 22% increase in sales of residential units. Other markets such as Pune, NCR and Hyderabad also saw a boost in the percentage increase of launches.

Report of Indian residential market
Report of Indian residential market (Source: Knight Frank report)

The key contributor to Mumbai seeing launches to the tune of 35,974 units is the dumping ground reprieve in BMC region and the parallel launches of mega projects in the peripheral suburbs of the financial capital. Dr. Samantak Das, Chief Economist and National Director – Research at Knight Frank noted, “Most developers focused on reducing apartment sizes of their new launches. Accordingly, we have seen shrinkage of 12% in apartment sizes across MMR, with some premium markets witnessing reduction of as high as 31%.”

Some of the key takeaways of the report were:

  • Mumbai saw the most number of launches at 128% YoY while NCR and Pune witnessed more than 75% growth.
  • Most launches were in the lower ticket size range wherein Bengaluru and Mumbai witnessed significant supply of units priced under INR 50 lakh and 1 crore, respectively.
  • Average size of units in MMR shrink by 12% between 2013 and 2018.
  • Mumbai, Pune and Kolkata saw prices of residential units drop by 9%, 8% and 8% respectively. The effective price drop was 10-15% after factoring in developers’ sops such as waiver of GST and stamp duty, and no floor rise cost to customers.
  • Despite growth in launches, government reforms and reduction in prices, sales continue to stagnate across markets. Bengaluru’s positive growth however prevents a pan-India decline in sales.
  • The growth-resistant state of the sector until now has also resulted in a higher Project Life Cycle (PLC) as the Quarters-to-sell (QTS) inventory remains stagnant at around 11.2 or 3 years.

Despite the encouraging numbers across most markets, the analysts at Knight Frank remained circumspect of the future growth of the sector owing to the continuing uncertainty in the market, high inflation and rising interest rates as well as the upcoming general elections.

Shishir Baijal, Chairman and MD, Knight Frank India wrapped up, “It could perhaps still be a rocky way ahead for the real estate industry and we all continue to look ahead for the impetus that is required for the industry to revive.”

Exchange Your Home For A Branded One At Puravankara’s Big 72 Home Fest

Puravankara Big 72 Home Fest

The Puravankara Group has a wide footprint in real estate in South India. The company prides itself as a very consumer-centric real estate developer, letting their consumers’ interests and needs take precedence. Toward this end, Puravankara is coming up with the Big 72 Hours Home Fest between 15th-17th June 2018. The fest offers an opportunity to choose from a wide choice of ready and under-construction portfolio of both Puravankara and Provident. The fest will take place in Bangalore at Hotel Lalit Ashok. An unique feature of this fest is the unveiling of ‘India’s First Home Exchange Plan’.

Puravankara Big 72 Home Fest
Puravankara Big 72 Home Fest

Homebuyers who are looking to upgrade from their current homes to a Puravankara or Provident branded home can avail of the services of a number brokers, valuation experts, realtors and similar professionals who will be present at this fest to help customers sell their homes. All customers looking to buy a home at this fest can grab the opportunity by availing various finance schemes, discounts and finance plans on offer. Special Big 72 prices of all properties on offer will be unveiled on the 15th of June. Further details are available here.

Some of the properties that customers can choose from in Bengaluru include:

Purva Venezia, Yelahanka @ Rs. 5650/sq. ft.

Purva Venezia
Purva Venezia

Purva Skywood, Off Sarjapur Road @ Rs. 6400/sq. ft.

Purva Palm Beach, Off Hennur Road @Rs. 5990/sq. ft.

Provident Sunworth, Nice Junction @ Rs. 45 Lakh onwards

Purva Westend, Hosur Road @ Rs. 6790/sq. ft.

Purva Westend
Purva Westend

Provident Welworth, Yelahanka Doddaballapur Road @ Rs. 3750/sq. ft.

Provident Rays of Dawn, Nice Junction @ Rs. 45 Lakh onwards

The Puravankara Group known for its professional business practices is one of the more renowned names in the real estate sector over the past 4 decades.  They have an undoubtedly enviable brand image that has made them one of the most sought after names. The Puravankara Group is led by Mr. Ravi Purvankara and is head quartered in Bangalore. The real estate company is backed by prominent investors and is listed on Indian stock exchanges. After having built a strong foundation in Bangalore with popular projects such as Purva Riviera and Purva Venezia, the company has ventured into various geographies in West and South India.

Purva 270
Purva 270

Apart from Bangalore, they have a business presence in Mumbai, Pune Chennai, Hyderabad, Kochi, Coimbatore and Dubai. The company runs a premium housing segment under the brand name Puravankara. A budget housing venture is run under the name Provident. Puravankara develops projects that are priced above 60 lakhs while under the Provident brand name projects priced below 60 lakhs are developed.

Brigade Showcase: Bangalore’s Popular Homebuying Fest

Brigade at No.7

Brigade Group is a well-known developer across the cities of Bangalore, Mysore, Chennai, Hyderabad, Mangalore and Chikmagalur in South India. Quality homes, aesthetic designs and premium lifestyle amenities are the hallmarks of their various residential projects. Brigade has been developing a number of different properties across these cities.

To empower more homebuyers and create positive experiences, Brigade Group is back with their popular ‘Brigade Showcase‘. The homebuying event presents customers with an opportunity to choose from over 30 under-construction and ready-to-move-in Brigade properties in Bangalore at prices starting from Rs. 34 lakhs onwards. The showcase will be held at the Sheraton Grand Hotel at Brigade Gateway on July 27, 28 and 29 from 11 am to 8 pm. The Brigade Showcase will also see the unveiling of 9 new launches.

Brigade Showcase
Brigade Showcase

These are some of the Brigade properties that one may choose from under the ‘Brigade Showcase’:

Brigade Cosmopolis

Brigade Cosmopolis
Brigade Cosmopolis (Source: Brigade Group)

Whitefield is Bangalore’s IT hub and homes in this neighbourhood are much sought-after. Brigade Cosmopolis is located on Whitefield Main Road and consists of 2 phases across 9 acres. Ready-to-move-in 3 and 4 BHK residences as well as Penthouses spread across 12 towers of 17 floors each in Brigade Cosmopolis.

The Super Built-up Area (SBA) of 3 BHK is 1890 sq. ft., 4 BHK – 3390 sq. ft. and penthouses range between 3850-4020 sq. ft. with prices starting from Rs. 1.3 crores onwards. Despite its modern name and style of homes, Brigade Cosmopolis boasts half an acre of greenery including a walking trail through the trees on campus.

Brigade Exotica

Brigade Exotica off OMR
Brigade Exotica off OMR (Source: Brigade Group)

Located in a quieter part of Whitefield, a bustling suburb of Bangalore, Brigade Exotica is spread over 10 acres of land just off the Old Madras Road. There are 454 ready-to-move-in 3 and 4 BHK apartments and penthouses available across two blocks – Azure and Burgundy, starting from Rs. 1.7 crores onwards. The apartments are well designed with triangular balconies and patios. Brigade Exotica has also been planned such that 80% area is dedicated to landscaped green, open spaces. Amenities include a 14,000 sq. ft. clubhouse with indoor games, tennis court, swimming pool, and other facilities.

Brigade Meadows

Brigade Meadows
Brigade Meadows (Source: Brigade Group)

Located on Bangalore’s Kanakapura Road, right next to the world renowned Art of Living center, Brigade Meadows is a 60 acre, multi-phase, luxury residential project. Currently, ready-to-move-in apartments are available in Wisteria and Carnation phases of Meadows. In Wisteria, 320  units of 3 BHK apartments are available across 5 towers of 8 floors each. The (SBA) of the 3 BHK units range from 1450 – 1630 sq. ft. at Rs. 65 lakhs onwards. The 3 BHK apartments in Carnation are slightly smaller ranging between 1150-1210 sq. ft. SBA, starting at Rs. 50 lakhs. Only 48 apartments are available in Carnation.

In addition to these, ready homes in projects such as Brigade Orchards, Brigade Omega, Brigade Exotica, Brigade Caladium, Brigade Northridge and Brigade Crescent in Bangalore are also available under at Brigade Showcase event. Brigade’s attractive carnival offers homebuyers a rare opportunity to own premium and luxury homes in India’s garden city by an acclaimed brand in the real estate space.

Contact the company at 1800 102 9977.

Brigade’s Mysuru Ugadi Mane Habba At Grand Mercure Mysuru

Brigade Symphony

The Brigade Group is one of the leading real estate developers in South India with numerous under-construction as well as ready-to-move-in residential projects. Brigade’s residences have seen growing demand, especially in historical city Mysuru. So, on the upcoming occasion of Ugadi, the Group has launched ‘Ugadi Mane Habba’ to enable home buyers to own a branded home in Mysuru at attractive prices, via discounts and financial schemes and also get a chance to win assured 100 gms to 1 KG gold. To make it easier to interact with the representatives, the Brigade Group has organised a ‘Brigade Mysuru Mane Habba’ event Grand Mercure in Mysuru on March 10th and 11th. Several flagship properties in Mysuru will be on display at one place for a buyer to investigate.

Brigade – Mysuru Ugadi Mane Habba 

Brigade - Mysuru Ugadi Mane Habba 
Brigade – Mysuru Ugadi Mane Habba 

The  Offer scheme for Mysuru is available on a wide range of plush residences across different neighbourhoods such as Brigade Mountainview, Brigade Symphony and Brigade Palmgrove. Also get a chance to win 100 grams to 1 KG gold. Most homes are ready and hence there is no GST applicable to those units. So, coupled with benefits of offers & GST waiver, these become an attractive buy, especially when the homes have been developed by South India’s favoured developer.

As most offers go, Brigade’s Ugadi Mane Habba at Mysuru is also for a limited period, and one can avail the opportunity to own a premium property on March 10th & 11th between 10 am to 8 pm at Grand Mercure in MysuruTo get the best out of the offer and choose from a wider range of options home buyers need to complete their booking at the earliest. Ensure you discuss all offer details with the property advisor on location and get the best for your home and family!

BRIGADE MOUNTAINVIEW

Brigade Mountainview
Brigade Mountainview

Brigade Mountainview is located on the scenic Mysuru -Ooty road close to the majestic Mysuru Palace. Residents will enjoy magnificent views of the Chamundi Hills from their apartments. The project is spread over 4 acres and offers 2, 3 and 4 bedroom apartments starting at Rs. 65 Lakhs*. OC has been applied for the seven storey structure and possession is expected from June 2018 onwards.

BRIGADE SYMPHONY

Brigade Symphony
Brigade Symphony

Brigade Symphony is a 7-acre development which is located on the KRS Road, opposite the Golden Land Mark Resort in Mysuru. Brigade Symphony comprises of 3 blocks of seven storeys each and offers 2, 3 and 4 BHK luxury apartments starting from Rs. 66 lakhs* onwards.

BLOCKS STATUS POSSESSION PRICE
Brigade Symphony Block A RERA NO: PR/KN/170731/000758 Feb 2019 66 lakhs*
Brigade Symphony Block B & C OC Received Jun 2018 66 lakhs*

BRIGADE  PALMGROVE

Brigade Palmgrove
Brigade Palmgrove

Brigade Palmgrove, located on Bogadi Road, Mysuru is a high-end, premium residential development comprising of only 50 villas and 48 apartments. The villas are designed as standalone units while there also townhouses which have been planned as conjoined duplexes. The project is spread across 14 acres and the residences have 3 and 4 bedrooms. Occupancy Certificate (OC) has been received for the villas as well as the apartments. Possession is expected from June 2018 onwards. Prices of the villas start from Rs. 2.35 crores and apartments from Rs. 1.58 crores.

BRIGADE GROUP

Established in 1986, the group’s portfolio is very diverse with interests in property development, property management services, hospitality and education. While it is headquartered in Bangalore, Brigade has developed projects in several major cities in South India such as Chennai, Chikmagalur, Hyderabad, Kochi, Mangalore and Mysuru .

Residences developed by Brigade Group boast the advantage of being strategically located in the main residential hubs which enjoy good connectivity, proximity to local tourist hotspots, schools, hospitals and entertainment hubs. These ensure residents live wholesome lives with less travel time, easy access to amenities and social infrastructure, and more time for family and social activities. The Brigade Group’s properties also boast of being developed with the latest in construction technology, and philosophy such as more light and space in the residences and more open and green spaces in the residential complex. All good reasons to own a Brigade home.