Puravankara Projects Limited (PPL) was incorporated on 3rd June 1986 in Mumbai as a Private Limited Company under the name of 'Puravankara Constructions Private Limited'. The Company is engaged in Rea
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l Estate Development, Construction, of Commercial and Residential Property. The Company's operations cover Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Colombo and the United Arab Emirates (U.A.E). Also have representatives in the United Kingdom and the United States. PPL have completed many residential and commercial projects covering approximately 4.73 million sq.ft of saleable area.
The network of the company expanded to Bangalore in the year 1987 and commenced its operations in Bangalore during the year 1990, also launched its first residential project. The name of the company was changed to Puravankara Projects Limited and the status also changed to a public limited company, the fresh certificate of incorporation consequent on change of name and status was granted to the company on 19th August 1992. PPL was certified as an ISO 9001 compliant company by DNV in the year 1998. One of the company's residential projects, Purva Park was nominated as a finalist in the International Prix d'Excellence awarded by the FIABCI, Paris in the identical year of 1998. During the year 2002, PPL obtained the CRISIL DA2+ rating and set up its office in U.A.E. The Company had spread its wing to Chennai, set up its operations in Chennai during the year 2004. PPL had entered into a joint venture with the Keppel Investment Mauritius Private Limited in 2005. During the same year 2005, set up its operations in Kochi and obtained approval from the Board of Investment in Sri Lanka. The Company Joint Venture with Keppel Land Limited, Singapore had launched Elita Promenade in JP Nagar, Bangalore during July 2005.
In recognition of the quality projects and for delivering properties on time to customers with clear title to properties, the company received DA2+ rating from CRISIL in the year 2006. In June 2006, PPL had signed a Memorandum of Understanding (MOU) with the City Municipal Council (CMC), Yelahanka in an effort to develop the double road connecting the Doddaballapura road to Yeshwanthpura road via Attur. PPL tapped capital market by the way of its Initial Public Offering (IPO) in July of the year 2007. The Company bagged the bid from Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in November 2007 to develop a Hi-tech City in Hyderabad. PPL made its foray into the affordable housing segment and launched a 100% owned subsidiary called Provident Housing and Infrastructure during in August of the year 2008.
The Company launched its first affordable housing project at Chennai in 2009. Provident Housing Limited, a 100% subsidiary of Puravankara Projects Limited, launched its second affordable housing project in Bangalore, after its successful launch in Chennai. Brand Provident was launched in the fiscal year 2009-10 under the subsidiary company, Provident Housing Limited. The Company completed 36 residential and commercial projects in 2010.
The Company had invested Rs 221,186,000 during Jun' 2007 in Keppel Magus Development Private Limited, holding 36.26% stake in the Company, together with Wisley Pte Ltd. - Part of Keppel Group, holding 37.74% and RSJ Developers Private Limited, holding 26%. On 9 May 2014, Company got into a Share Purchase Agreement with BMS Reality Pvt. Ltd. to sell its entire holdings together with Wisley Pte. Ltd. and RSJ Developers Private Limited, which completed the sale on 2 July 2014. Consequent to the aforesaid sale, Keppel Magus Development Private Limited, ceases to be an Associate Company.
On 6 April 2015 Investment (10,000 Shares of Rs 10 /- each) in Purva Good Earth Properties Pvt. Ltd. was transferred to Provident Housing Ltd. (a Subsidiary of the Company) for a Consideration of Rs. 1,00,000 and consequently, Purva Good Earth Properties Pvt. Ltd. ceases to be a Subsidiary Company with effect from aforementioned date and became a step-down Subsidiary of the Company. Jaganmata Property Developers Private Limited, Jyothishmati Business Centers Private Limited, Vagishwari Land Developers Private Limited and Varishtha Property Developers Private Limited were incorporated wholly-owned subsidiary companies during the year 2015-16.
Further to the approval by Shareholders, name of the Company was changed from Puravankara Projects Limited' to Puravankara Limited' with effect from January 10, 2017. During the year 2016-17, Purva Pine Private Limited and Purva Oak Private Limited were incorporated wholly-owned subsidiary companies. Three step down companies, Argan Properties Private Limited, Provident Meryta Private Limited and Provident Cedar Private Limited being wholly-owned subsidiaries of Provident Housing Limited, a subsidiary of the Company were incorporated during year 2016-17.
During the year 2017-18, the Company acquired the entire equity share capital of IBID Home Private Limited whereby the same became a wholly owned subsidiary Company. During the year 2019-20, the Company acquired Devas Global LLP, which is now a wholly-owned subsidiary of the Company. Further, Purva Woodworks Private Limited was incorporated as a wholly-owned subsidiary of the Company during August, 2020.
During the year 2020-21, the Company launched six projects -Provident Woodfield, Purva Atmosphere, Purva Aspire, Purva Emerald Bay, Purva Promenade and Purva Clermont.
During the year 2021-22, six projects comprising of PalmVista, Provident Equinox, Provident Winworth, Purva South Bay, Tivoli Hills and Tree Haven were launched. The Company acquired Purva Asset Management Private Limited (formerly, MAP Capital Advisors Private Limited) as a wholly-owned subsidiary of the Company w.e.f. August 04, 2021. Vagishwari Land Developers Private Limited ceased to be a subsidiary of the Company w.e.f. June 10, 2021. Nile Developers Private Limited ceased to be a subsidiary of the Company w.e.f. November 10, 2021 and Propmart Technologies Limited became a subsidiary of the Company w.e.f. March 31, 2022.
The Company was allotted 79,50,000 bonus shares by each of the wholly owned subsidiaries, Starworth Infrastructure & Construction Limited (SICL) and in Provident Housing Limited (PHL). During May 2022, the Company was allotted 47,72,047 equity shares in Bangalore Tower Private Limited, the resulting Company on account of Demerger of Keppel Puravankara Development Private Limited, the Demerged Company. The Company sold 47,72,047 equity shares held in Bangalore Tower Private Limited (BTPL), an associate of the Company on 27 June, 2022 and consequently, BTPL has ceased to be an associate of the Company during June 2022.
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