Latest news with #MallannaSasalu
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Business Standard
12-05-2025
- Business
- Business Standard
Here's why Puravankara share price soared 10% on May 12; details
Puravankara share price: Real estate player Puravankara shares were in demand on Monday, May 12, 2025, with the scrip rallying up to 9.74 per cent, to an intraday high of ₹241 per share. At 9:19 AM, Puravankara share was trading 9.29 per cent higher at ₹240. In comparison, BSE Sensex was trading 2.20 per cent higher at 81,199.73 levels. Catch Stock Market Updates Today LIVE What triggered the rally in Puravankara share price? The uptick in Puravankara share price came after the company announced a joint venture (JV) with KVN Property Holdings LLP, to develop a 24.59-acre land parcel in North Bengaluru. The project's estimated Gross Development Value (GDV) is in excess of ₹3,300 crore, Puravankara said in a statement. The land parcel has a total saleable area of approximately 3.48 million sq. ft., and the project is expected to be launched in the next six months. 'This joint venture highlights our sustained confidence in the North Bengaluru market, where we have already demonstrated strong traction. The scale, location, and partnership model of this project position it as an ideal platform for integrated development that resonates with the aspirations of urban homebuyers. It aligns with our broader vision of creating high-quality, community-focused housing across emerging corridors,' said Ashish Puravankara, managing director, Puravankara. Leadership changes The company has announced the appointment of Mallanna Sasalu as CEO, Puravankara Ltd – South, subject to the approval of the Nomination & Remuneration Committee and Board of Directors of the Company. Furthermore, Abhishek Kapoor has resigned from the position of CEO and executive director of the company. ALSO READ | Will Sensex, Nifty rise or fall this week? Key levels to track About Puravankara Puravankara Group, headquartered in Bengaluru, is a real estate developer with a strong pan-India presence. Over the last five decades, it has launched three residential brands—Purva, Provident Housing, and Purva Land—to serve diverse housing needs. Its subsidiary, Starworth Infrastructure, delivers tech-driven construction solutions, while Purva Streaks offers integrated interior design services. The group has also entered the Grade-A commercial real estate space with ~3 million sq. ft. under development. As of December 31, 2024, Puravankara has completed over 85 projects spanning ~51 million sq. ft. across nine cities, with a land bank of ~30 million sq. ft. and ongoing projects totaling 33.08 million sq. ft.
Hindustan Times
10-05-2025
- Business
- Hindustan Times
Puravankara Group announces 24.59-acre joint venture project in North Bengaluru, having ₹3,300 crore potential
Bengaluru-based listed real estate developer Puravankara Group has announced a joint venture to develop a 24.59-acre land parcel in North Bengaluru. According to a statement issued by the company, the project has an estimated gross development value of ₹3,300 crore. "This joint venture with KVN Property Holdings LLP marks another milestone in the group's expansion in one of the city's fastest-growing real estate corridors," the company said in the statement. According to the company, the land parcel has a total saleable area of approximately 3.48 million sq ft, and the project is expected to be launched in the next six months. The company said the project benefits from strong market demand, proximity to Kempegowda International Airport, and access to upcoming infrastructure and employment hubs. Also Read: Looking for an apartment under ₹50 lakh in Bengaluru? Check out these locations 'This joint venture highlights our sustained confidence in the North Bengaluru market, where we have already demonstrated strong traction. The scale, location, and partnership model of this project position it as an ideal platform for integrated development that resonates with the aspirations of urban homebuyers. It aligns with our broader vision of creating high-quality, community-focused housing across emerging corridors," Ashish Puravankara, Managing Director, Puravankara Limited, said. 'North Bengaluru continues to attract discerning homebuyers, driven by infrastructure upgrades and connectivity to key economic hubs. This project is conceived on the back of the successes of our previous projects, which validates this joint venture development in this micro-market. The project is expected to come to market in 6-9 months, and we are confident this project will be a great addition to our impressive portfolio.' Mallanna Sasalu, CEO, Provident Housing Limited said. Also Read: Bengaluru real estate: Is the North or East a better investment option? Along with the project announcement, the company also announced the appointment of Mallanna Sasalu as CEO, Puravankara Ltd – South, subject to the approval of the Nomination & Remuneration Committee and Board of Directors of the Company. The company said that Sasalu is a seasoned professional with over 32 years of extensive experience spanning engineering, architecture, and real estate development in both India and Canada. Also Read: Real Estate Outlook 2025: North Bengaluru, outskirts of Whitefield among areas likely to see rental appreciation He holds a degree in Civil Engineering and is an alumnus of Harvard Business School, adding a strong academic foundation to his diverse professional expertise, the company said in its statement.
Economic Times
10-05-2025
- Business
- Economic Times
Puravankara appoints Mallanna Sasalu as CEO – South; Abhishek Kapoor resigns
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads In a strategic leadership transition, Puravankara Ltd. , a real estate development firm, has appointed Mallanna Sasalu as CEO – South, subject to the approval of the Nomination & Remuneration Committee and the Board of Directors. This leadership change marks a new chapter for Puravankara as it strengthens its management to support its next phase of growth and announcement marks a key organizational shift as Abhishek Kapoor steps down from his position as CEO and Executive Director of the company. Sasalu, a seasoned industry veteran, brings with him over 32 years of extensive experience in engineering, architecture, and real estate development across India and Canada. He holds a Civil Engineering degree and is an alumnus of Harvard Business School, combining a strong academic foundation with decades of on-ground leadership experience.'Prior to this appointment, Sasalu has played a pivotal role in the growth and transformation of Provident Housing Limited, the mid-income housing arm of the Puravankara Group. Under his leadership, Provident scaled new heights in operational efficiency, customer engagement, and market expansion,' said a person aware of the appointment signals Puravankara's renewed focus on region-specific leadership to drive business performance, especially as the company ramps up projects across Mumbai, Bengaluru, Chennai, and Hyderabad. His prior success in delivering large-scale, community-focused housing projects aligns with the company's mission to address diverse homebuyer needs across market segments.'The transition is part of the company's broader strategy to strengthen its regional leadership, enhance operational agility, and build on its momentum in the South India market—its historical stronghold,' said another source aware of the over five decades ago, the Puravankara Group is headquartered in Bengaluru and has established itself as a leading player in the Indian real estate sector. The Group operates through three residential brands—Purva, Provident Housing Limited (PHL), and Purva Land—catering to premium, mid-income, and plotted development segments Group also owns Starworth Infrastructure and Construction Limited (SICL), a wholly-owned subsidiary specializing in technology-enabled construction, and Purva Streaks, its interior design services division. As of December 31, 2024, Puravankara has completed over 85 projects spanning 51 million square feet across nine cities and holds a land bank of approximately 30 million square feet. Ongoing projects cover an additional 33.08 million square feet.
Time of India
10-05-2025
- Business
- Time of India
Puravankara appoints Mallanna Sasalu as CEO – South; Abhishek Kapoor resigns
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads In a strategic leadership transition, Puravankara Ltd. , a real estate development firm, has appointed Mallanna Sasalu as CEO – South, subject to the approval of the Nomination & Remuneration Committee and the Board of Directors. This leadership change marks a new chapter for Puravankara as it strengthens its management to support its next phase of growth and announcement marks a key organizational shift as Abhishek Kapoor steps down from his position as CEO and Executive Director of the company. Sasalu, a seasoned industry veteran, brings with him over 32 years of extensive experience in engineering, architecture, and real estate development across India and Canada. He holds a Civil Engineering degree and is an alumnus of Harvard Business School, combining a strong academic foundation with decades of on-ground leadership experience.'Prior to this appointment, Sasalu has played a pivotal role in the growth and transformation of Provident Housing Limited, the mid-income housing arm of the Puravankara Group. Under his leadership, Provident scaled new heights in operational efficiency, customer engagement, and market expansion,' said a person aware of the appointment signals Puravankara's renewed focus on region-specific leadership to drive business performance, especially as the company ramps up projects across Mumbai, Bengaluru, Chennai, and Hyderabad. His prior success in delivering large-scale, community-focused housing projects aligns with the company's mission to address diverse homebuyer needs across market segments.'The transition is part of the company's broader strategy to strengthen its regional leadership, enhance operational agility, and build on its momentum in the South India market—its historical stronghold,' said another source aware of the over five decades ago, the Puravankara Group is headquartered in Bengaluru and has established itself as a leading player in the Indian real estate sector. The Group operates through three residential brands—Purva, Provident Housing Limited (PHL), and Purva Land—catering to premium, mid-income, and plotted development segments Group also owns Starworth Infrastructure and Construction Limited (SICL), a wholly-owned subsidiary specializing in technology-enabled construction, and Purva Streaks, its interior design services division. As of December 31, 2024, Puravankara has completed over 85 projects spanning 51 million square feet across nine cities and holds a land bank of approximately 30 million square feet. Ongoing projects cover an additional 33.08 million square feet.
