Puravankara Signs Definitive Agreement to Sell Purva Zentech Commercial Property to ICICI Prudential AMC for ₹625.94 Crore
Puravankara Sells Purva Zentech Commercial Property to ICICI Prudential AMC
Puravankara entered into a definitive agreement with ICICI Prudential AMC for the sale of its commercial property, Purva Zentech, valued at an enterprise value of ₹625.94 crore. The transaction was announced on July 13, 2026, as part of the company's Q1 FY27 business update.
Transaction Structure
Of the total consideration, ₹145 crore will be received through the sale of shares of the SPV, while the balance will be realised through agreed balance sheet adjustments in accordance with the transaction structure.
About Purva Zentech
Purva Zentech is located in Bengaluru and is a commercial property on Kanakapura Road. The mixed-use commercial development comprises approximately 9.6 lakh square feet of leasable and saleable area. The property is IGBC Gold-certified for premium office spaces.
The project is strategically located within a five-minute walk from both the Konankunte Metro Station and Forum Mall. The property offers modern Grade-A office spaces designed for technology companies, corporate organizations, startups, and multinational firms operating in Bengaluru's expanding southern technology corridor.
Puravankara previously signed an agreement to lease with IKEA India for leasing of two floors of retail space at Purva Zentech Park. The development was slated for completion by early 2026.
Q1 FY27 Performance
The Purva Zentech sale announcement came alongside Puravankara's report of pre-sales of ₹1,439 crore in Q1FY27, marking a 28% year-on-year growth. Collections rose 40% year-on-year to ₹1,199 crore, reflecting sustained customer confidence and strong execution of delivery timelines.
Sales area for the quarter stood at 1.36 million square feet, a 9% increase over the same period last year, while average price realisation improved 18% year-on-year to ₹10,589 per sq ft. During the quarter, Puravankara handed over 0.94 msft, delivering 745 homes.
Strategic Land Acquisitions
Beyond the Purva Zentech divestment, Puravankara announced four land transactions spanning approximately 41.93 acres, with a cumulative development potential of around 4.23 msft and a total estimated GDV of ₹5,200 crore. The acquisitions include a 6.4-acre joint development agreement in Sarjapura with a potential GDV of over ₹1,000 crore; an 11.23-acre joint development agreement in Doddagubbi, North Bengaluru, with a GDV of over ₹1,100 crore; a 9.73-acre land parcel in Sanna Ammanikere in the fast-developing airport corridor, with a GDV potential of approximately ₹800 crore; and a 14.57-acre land parcel in Mandur with a GDV of ₹2,300 crore.
Developer Context
Puravankara has a real estate legacy of 50 years, with a presence in commercial real estate across 5 cities. The company has delivered 95 projects totalling around 57 million square feet across nine cities, and holds a land bank of about 40 million square feet with 36.69 million square feet under ongoing development.