Puravankara Put Holds Warehousing JV with Morgan Stanley

Puravankara Put Holds Warehousing JV with Morgan Stanley

Puravankara Shifts Focus to Residential and Commercial Projects, Warehousing JV on Hold. Real estate developer Puravankara has decided to postpone its foray into the warehousing sector, putting its joint venture with global investor Morgan Stanley on hold. Puravankara Put Holds Warehousing JV with Morgan Stanley

Key Points:

• Puravankara will focus on residential and commercial projects.
• The warehousing JV established in 2019 for greenfield projects in South and West India is currently paused.
• The company plans to invest heavily in residential (14 million sq ft launch in FY22) and commercial projects (8.5 million sq ft in next 3-4 years) to increase its commercial portfolio to 25% within the next 4-5 years.

Context:

• Morgan Stanley remains active in India’s warehousing sector through partnerships like the recent one with Lodha Group for a Mumbai warehouse project.

Previous Plans:

• The Puravankara-Morgan Stanley JV aimed to acquire land near Mumbai for its first project.
• Puravankara had planned to invest Rs 1,500 crore in warehousing over the next five years.

Reasons for Shift:

• Specific reasons for pausing the JV are not mentioned in the article.

Overall Significance:

• This news indicates a strategic shift by Puravankara, prioritizing residential and commercial development over warehousing for the time being.

 

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