In a bid to monetise assets and cut debt, Puravankara has sold a 19 acre land parcel in Hyderabad for Rs 475 crore to pharma company Hetero group. Realty firm had bought this land way back in 2007-08 for Rs 403 crore. The proceeds of this transaction would be largely utilised for reduction of net debt which is currently around Rs 2,300 crore.
Moreover, Bengaluru-based developer is in talks with land owners for forming partnership to develop projects in Hyderabad property market that has a huge potential. The company has already launched housing projects on 20 acres of land parcel in Hyderabad and is also constructing a commercial project on over 3-acres of land.
Puravankara is a leading real estate company in India, with presence in Bengaluru, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Mumbai and Pune.