Puravankara Projects Ltd. Focuses on Residential Growth, Considers Hospitality Sector Entry
Bangalore, India – Puravankara Projects Ltd. (PPL) plans to strategically evaluate entering the hospitality sector within the next six to eight months. The decision regarding which specific segment of hospitality to focus on will be contingent upon several factors, including the location of the site and the city involved. A top company official provided further details on the matter.
The company acknowledges possessing properties in city centers ideal for the potential development of hospitality projects. However, these plans have been temporarily put on hold. "The organization's current strategic focus is on residential projects," clarified PPL's Joint Managing Director.
Impact of Rising Interest Rates and Regional Expansion
While acknowledging the potential of rising home loan interest rates to impact the real estate industry in the near future, PPL's Joint Managing Director downplayed any long-term deterrent effect on prospective homebuyers, particularly in the South. He shared these views during a press conference held to announce the launch of an upcoming project in Coimbatore.
The company was asked about its plans to expand its geographic reach beyond its primarily South Indian presence and evolve into a broader national player, responding that PPL is driven more by attractive opportunities within the market, explaining their concentration in southern cities. "PPL was ‘more an opportunity-driven’ company and it moved into southern cities because of the opportunities they provided." He further mentioned that the organization remains intent on bolstering its presence across the South. Presently, Puravankara Projects Ltd. is engaged in joint venture projects in both Kolkata and Colombo.