Puravankara adds ₹14,100 crore pipeline, enters Delhi-NCR

Puravankara Limited secured ₹14,100 crore of potential gross development value (GDV) through seven transactions in H1FY27, entering Delhi-NCR with a ₹5,200 crore Greater Noida project. The H1 additions included ₹8,900 crore of potential GDV secured in Q2FY27 across Bengaluru, Mumbai and Greater Noida.

How did Puravankara expand its pipeline in H1FY27?

Puravankara added ₹14,100 crore of potential GDV across seven transactions in H1FY27, with ₹8,900 crore added during Q2FY27. The additions used three structures disclosed by the company: land acquisitions, joint development agreements and redevelopment rights.

The potential GDV figure represents the estimated value of future development, rather than booked sales or revenue recognised in H1FY27. In the same half-year, Puravankara reported total sales value of ₹4,201 crore and revenue of ₹1,928 crore, showing that the newly secured projects are at an earlier stage than sales and handovers.

The Q2FY27 additions accounted for the majority of the H1FY27 pipeline value, following transactions announced from September 2026. The company said the seven deals deepened its presence in Bengaluru and Mumbai while creating its first disclosed project in the Delhi-NCR market.

What is Puravankara's Greater Noida project worth?

Puravankara entered Delhi-NCR in September 2026 through a 13.44-acre land parcel in Greater Noida with estimated potential GDV of ₹5,200 crore. The announcement did not disclose the development area, transaction consideration, project configuration or launch date for this parcel.

At ₹5,200 crore, Greater Noida is the largest individually disclosed addition among the seven H1FY27 transactions. Its estimated GDV is twice the ₹2,600 crore disclosed for the Goregaon West redevelopment project and exceeds the ₹2,300 crore stated for the Mandur land parcel in Bengaluru.

The new geography extends beyond the nine cities where Puravankara had completed projects as of September 30, 2026. The company said it had completed 98 projects totalling about 60 million square feet across Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune and Goa.

Which Mumbai and Bengaluru projects did Puravankara secure?

Puravankara secured redevelopment rights in September 2026 for three residential societies in Bangur Nagar, Goregaon West, with estimated GDV of ₹2,600 crore. The 4.68-acre Mumbai project has about 1.05 million square feet of developable area, distinguishing it from the Greater Noida land acquisition.

Bengaluru accounted for five of the disclosed H1FY27 transactions, including the ₹2,300 crore Mandur parcel secured in May 2026. The Mandur site spans 14.57 acres and offers 1.80 million square feet of development potential, the largest area stated among the Bengaluru additions.

Puravankara's three June 2026 Bengaluru deals covered Doddagubbi, Sanna Ammanikere in the airport corridor and Sarjapura. Their disclosed development areas totalled 2.43 million square feet, while their individual GDV estimates ranged from approximately ₹800 crore at Sanna Ammanikere to over ₹1,100 crore at Doddagubbi.

How does the new pipeline compare with Puravankara's sales and launch plans?

Puravankara's ₹14,100 crore of H1FY27 pipeline additions exceeded its ₹4,201 crore of total sales value in the same period, although the measures capture different points in the development cycle. The sales figure included ₹3,575 crore of residential and commercial sales and a ₹625.94 crore divestment of 5.46 lakh square feet of office space at Purva Zentech.

H1FY27 sales value increased 72% year on year, while area sold rose 36% to 3.74 million square feet and average sales realisation increased 26% to ₹11,237 per square foot. Revenue rose 60% to ₹1,928 crore, and profit after tax was ₹107 crore, compared with a loss of ₹111 crore in H1FY26.

Puravankara has identified planned launches of 16.41 million square feet across Southern and Western markets with approximate potential GDV of ₹22,600 crore. This comprises 16 planned new projects covering 14.50 million square feet and new phases covering 1.91 million square feet, with the majority concentrated in Bengaluru and Mumbai.

During Q2FY27, Puravankara launched Purva Heritage in Bengaluru, Miami at Breach Candy in Mumbai, and a new phase of Provident Equinox in Bengaluru. These launches opened about 1.00 million square feet of developable area for sale, while the planned Mumbai portfolio includes Deccan at Pali Hill, Apna Ghar redevelopment Unit 3, Deonar Baug and Cuffe Parade.

What execution and debt indicators accompany the expansion?

Puravankara handed over 1,722 units in H1FY27, compared with 1,330 units in H1FY26, and completed 2.13 million square feet during the half-year. In Q2FY27, handovers increased to 977 units covering 0.97 million square feet from 663 units covering 0.67 million square feet in Q2FY26.

As of September 30, 2026, Puravankara had 3,644 completed units covering 4.28 million square feet pending revenue recognition. Management said it remained focused on progressing handovers and cash generation, as the completed inventory had not been recognised as revenue at that date.

Net debt declined by ₹470 crore in Q2FY27 to ₹2,366 crore as of September 30, 2026, from ₹2,836 crore on June 30, 2026. Gross debt stood at ₹3,763 crore after falling ₹180 crore during the quarter, while the net debt-to-equity ratio moved to 1.26 from 1.57 at the end of Q1FY27.

Puravankara estimated total surplus of ₹18,566 crore across ongoing, commercial and pipeline projects over the next three to five years. The estimate consisted of ₹8,149 crore from ongoing projects, ₹1,692 crore from commercial projects and ₹8,725 crore from pipeline projects, rather than recognised revenue or cash flow.

Conclusion

Puravankara's H1FY27 expansion combined a ₹5,200 crore Greater Noida entry, ₹2,600 crore of Mumbai redevelopment rights and five Bengaluru transactions, taking secured potential GDV to ₹14,100 crore. The pipeline additions came as H1FY27 sales value reached ₹4,201 crore, revenue rose to ₹1,928 crore and handovers increased to 1,722 units.

The next disclosed milestones are conversion of the 16.41 million-square-foot launch portfolio with potential GDV of ₹22,600 crore and progress on 3,644 completed units pending revenue recognition. Management has annual sales guidance of ₹11,200 crore, against reported H1FY27 achievement of ₹4,200.94 crore, or 37.51%, including the Purva Zentech monetisation.