Latest news with #VenkatKNarayana
The Print
11-05-2025
- Business
- The Print
KVN Property, Puravankara to jointly develop Rs 3,300 cr worth housing project in Bengaluru
In a statement on Saturday, KVN Property has entered a joint venture with the Puravankara Group to develop a 24.59-acre land parcel in North Bengaluru. KVN Property has been founded by Venkat K Narayana, former CEO of Prestige Group. Bengaluru, May 10 (PTI) Realty firm KVN Property Holdings LLP has tied up with Puravankara Ltd to jointly develop a housing project in North Bengaluru with a total revenue potential of more than Rs 3,300 crore. The project has a projected Gross Development Value (GDV) of over Rs 3,300 crore. The project has a potential saleable area of about 3.48 million (34.8 lakh) sq ft. The project is slated for launch within the next six months. Ashish Puravankara, Managing Director, Puravankara Ltd, said, 'This joint venture highlights our sustained confidence in the North Bengaluru market, where we have already demonstrated strong traction.' KVN Properties Promoter Venkat K Narayana said, 'As an integrated land aggregation platform, our core strength lies in identifying and consolidating strategic land parcels across high-growth corridors. This JV, for our 24.59 acres of land with Purvankara in a high-growth corridor has huge demand for mid-income residential housing and we believe that Purvankara's development expertise along with their marketing and delivery capabilities would bring life to this land'. Narayana said his company's model is designed to address structural inefficiencies in India's real estate sector, particularly those related to land acquisition. 'By focusing on aggregating clean, contiguous, and development-ready parcels, KVN aims to accelerate project timelines and minimise risks for its developer partners,' he said. As of December 31, 2024, Puravankara has completed more than 85 projects measuring around 51 million sq ft across nine cities — Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company's total land bank is around 30 million sq ft, and ongoing projects add up to 33.08 million sq ft. PTI MJH TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
08-05-2025
- Business
- The Print
Former Prestige Group CEO Venkat K Narayana forms own realty firm, to focus on land aggregation
'The company will work with leading property developers in the country to provide them with land parcels at prime locations, enabling them to monetize and own real estate assets, and aims to make 10 million sq ft of area available for development by 2025-26,' a company statement said on Wednesday. Narayana, who has more than two decades of experience in the property sector, announced the launch of his new venture KVN Properties, an institutionally backed real estate firm specializing in land aggregation across India. Bengaluru, May 7 (PTI) Realty firm Prestige Group's former CEO Venkat K Narayana has set up his own venture KVN Properties, which will focus on land aggregation and joint development with other real estate players. KVN Properties will focus on metro cities across real estate asset classes. 'Land acquisition as well as aggregation is a major bottleneck for the Indian real estate players across asset classes and sizes. The challenges span title risk, connectivity, non-contiguity, change of land use, conversion, approvals, stressed assets involving banks, ARC, and NCLT and other financial regulatory-related hurdles, often leading to uncertainty, delays and increased costs,' Narayana said. To address this challenge, he said the company would transform fragmented land parcels into cohesive, development-ready tracts, facilitating large-scale real estate projects across India, starting with residential. Narayana is a qualified Chartered Accountant, Cost & Management Accountant, Company Secretary and Law graduate. As the CEO of Prestige Group, he was instrumental in putting the organisation on a growth trajectory. He resigned from Prestige Group in May last year. PTI MJH HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
