Bengaluru: Puravankara Projects has bought a 25-acre plot in Bengaluru from cash-strapped realty firm Unitech for about Rs 200 crore.

The plot in north Bengaluru was part of a landbank held by Unitech to build residential units. Puravankara, which signed the deal recently, plans to develop commercial property on the plot and strengthen its existing portfolio.

“The agreement is to acquire 25 acres, but so far, 12.5 acres have been acquired. The rest of the land is in the clearance stage,” said people aware of the deal. In the first phase, Puravankara will build 2 million sq ft of office space on the acquired land.” Ashish Puravankara, MD of Puravankara, could not be reached for comment. The realty developer, which has largely focused on the residential segment, plans to develop 10 million sq ft of commercial and retail operations by 2023.

“The company has 5 million sq ft that is either at design or construction stage. The idea is to create a platform for office assets,” said another person.

Puravankara has already acquired land in Bengaluru, Mumbai, Pune and Hyderabad to expand its commercial portfolio. Last year, in the largest commercial land deal in Bengaluru, Keppel Puravankara Development acquired 7.6 acres of land from Metro Cash & Carry India for Rs 405 crore. Unitech had sold 74 acres in Gurgaon, Chennai and Hyderabad for Rs 260 crore in 2017 to boost its cash flow and complete its projects. In December, the Supreme Court had ordered a forensic audit of the Unitech Group and its units to probe alleged monetary irregularities and diversion of homebuyers’ money by the company’s promoters and directors.

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