Aug 19, 2009 (LBO) - India's Puravankara Projects, a Bangalore-based developer is looking to start an upmarket housing project after a civil war ended, an Indian media report said, though the property market in the island is in the doldrums.
India's Economic Times newspaper said three year ago Puravankara had picked up some land in Sri Lanka "for a song" and was now seeking planning permission from authorities.Puravanka was planning a 400,000 square feet serviced apartment and office complex and an up market "villa project" on the road to Colombo airport on a 26-acre site.
A 30-year war with Tamil Tiger separatists ended in March."With the civil war over, we are seeing huge demand for affordable housing in Colombo," Puravankara chairman Ravi Puravankara was quoted as saying in the report."We have already initiated the land acquisition process."
Sri Lanka's property bubble burst nearly two years ago and a few unfinished apartment blocks dot a few of the capital's plushest locations.A large property and finance focused business group in the island also ran into trouble in the downturn and many of its directors have been jailed pending repayments of deposits.
The report said Puravankara's Sri Lanka move comes at a time when Bangalore itself is seeing a slow recovery after three quarters of depressed buying sentiment.After a two year break it had launched an affordable housing scheme in Chennai.
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