Page 26 - Construction_Opportunities_January_2025

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CONSTRUCTION Puravankara has acquired a 3.63-acre land parcel in Vajrahalli, Brigade Group has finalized a definitive agreement to acquire
PURAVANKARA ACQUIRES 3.63-ACRE LAND IN
BRIGADE GROUP SECURES LAND IN BENGALURU FOR
`2,700 CRORE RESIDENTIAL PROJECT.
BENGALURU WITH `700 CRORE GDV
a 20-acre land parcel on Whitefield-Hoskote Road for a new
Kanakapura Road, Bengaluru, which is expected to generate a
gross development value (GDV) of over `700 crore.
residential project with an estimated gross development value
The acquisition includes a saleable area of 5.42 lakh square feet,
(GDV) of `2,700 crore. The land has been secured through
in line with the company’s strategy to expand its presence in key
Brigade’s subsidiary, Ananthay Properties Private Ltd., at a cost of
micro-markets of Bengaluru.
Ashish Puravankara, Managing Director
The project, which will offer a saleable area of about 2.5 million
square feet, is part of the company’s
of Puravankara Limited, commented approximately `630 crore.
on the acquisition, stating, “This land strategic expansion in the residential sector.
parcel is located in a micro-market with Pavitra Shankar, Managing Director of
strong demand and limited development Brigade Enterprises Ltd., emphasized
opportunities, making it ideal for premium the company’s focus on acquiring prime
residential projects. land in key markets to bolster its long-term
We are focused on replenishing our land residential growth strategy. “This project
bank in strategic locations with favorable demand-supply will support our vision of developing high-
dynamics.” quality, sustainable properties that cater to the evolving needs of
For the second quarter of FY24, the company reported a future residents,” she said.
widening of its losses to `17.06 crore, more than a 50% increase The company also has a strong pipeline of upcoming residential
from the `11.22 crore loss during the same period last year. developments, with approximately 12.61 million square feet of new
Sequentially, the company’s performance turned negative, as it projects underway across Bengaluru, Chennai, and Hyderabad.
moved from a profit of `14.78 crore in Q1FY24 to a loss in Q2FY24. Founded in 1986, Brigade Enterprises Ltd. has a significant
Despite this, Puravankara’s consolidated revenue rose by 36%, presence in several cities, including Bengaluru, Chennai,
reaching `520 crore. Its net debt increased to `2,430 crore in Hyderabad, Mysuru, Kochi, and others, with developments
September 2024, up from `2,237 crore in June 2024. spanning residential, office, retail, and hotel sectors.

SHALIMAR PAINTS LAUNCHES ‘SMART BHARAT 2-IN-1 dedication to quality and innovation. The event also marked the
PAINT’ AND ‘MELA RANGE’ AT CHANNEL PARTNER MEET celebration of the remarkable success of its HERO and ZERO DAMP
IN PHUKET, THAILAND ranges, known for their exceptional quality and optimal finish,
Shalimar Paints, a pioneer in the Indian paint industry with a which redefine industry standards.
legacy of over 120 years, has launched ‘Smart Bharat 2-in-1 Paint’ Commenting on the success, Kuldip Raina, Director- Sales and
at the channel partner’s meet in Phuket, Thailand as part of its Marketing at Shalimar Paints said, “We are incredibly proud of the
commitment to delivering pioneering solutions to consumers. In success of our HERO & ZERO DAMP range;
the event attended by over 100 key channel partners across India, it’s a true reflection of our commitment
the company unveiled its latest interior and exterior acrylic paint, to creating innovative, high-performance
designed to provide a superior finish and exceptional durability solutions that meet real needs. With our
in line with the evolving needs of the discerning consumer at ‘Upgrade Kiya Kya’ strategy, we are excited
affordable costs. Shalimar Paints also launched ‘Mela Series’- to take bold steps forward, launching new
Affordable Excellence for Every Home. Mela series of products products like Smart Bharat 2-in-1 Paint and
is a budget-friendly paint range designed to bring vibrant colour the Mela Range, while also expanding into
and durability to homes across India. It includes a comprehensive categories like wood adhesives and spray paints. This journey
basket of products: undercoats and enamel for wood and metal, would not be possible without the unwavering support of our
as well as water-based primer and distemper for walls. channel partners, and we are thrilled to show our gratitude by
Recognizing a significant market gap, Shalimar Paints conducted celebrating their invaluable contributions.”
extensive research and identified that more than 50% of walls in Shalimar Paints announced its entry into the masking tapes,
India, especially in rural and remote areas, remain unpainted. sandpaper, spray paints, and wood adhesives categories. These
With a commitment to innovation and a mission to make quality products aim to strengthen the paint company’s portfolio and
paint accessible to all, the company has introduced the Mela provide a more holistic experience to its customers.
Series as a solution to bring life and colour to these raw surfaces. Shalimar Paints’ steadfast commitment to quality and innovation
The Mela Series stands out not only for its affordability but also for embodies a proactive and long-term strategic approach,
its performance. By addressing the specific needs of emerging demonstrating its dedication to staying ahead of the curve in
markets, Shalimar Paints continues to reaffirm its position as a a dynamic consumer landscape. The company continues
brand that blends tradition with innovation. its commitment to delivering excellence and addressing the
The launch of these new products underscores Shalimar Paints’ evolving needs of its customers, with a strong focus on sustainable
ambitious growth journey. As a trailblazer in the dynamic paint practices and cutting-edge R&D to ensure its products meet the
industry, the brand continues to set benchmarks with its unwavering highest standards of quality and environmental responsibility.

26 CONSTRUCTION OPPORTUNITIES|JANUARY 2025