December 7, 2023: Real estate developer Provident Housing, a wholly owned subsidiary of Purvankara, on December 6, 2023, released its second Environment, Social and Governance (ESG) report that highlights how the company is following sustainable operational and business practices by adopting new technologies and reducing its impact on the environment.
The report records that conservation across all projects led to water savings of nearly 210 KL. The company’s waste management practices resulted in the repurposing of 60 loads of construction and demolition waste for roadworks at project sites. The transition to paperless operations, in addition to yielding cost savings, has positively impacted biodiversity conservation.
On the governance front, there has been a 41% increase in the hiring of female employees, contributing to an overall gender diversity ratio of 33%. Provident Housing also recorded 100% safety across all sites during the reporting period. As part of the larger community outreach, Provident Housing has undertaken projects to revive heritage wells for water conservation.
Mallanna Sasalu, CEO of Provident Housing, said, “From FY24, Sebi has proposed ESG disclosures according to the BRSR Core for the top 250 companies on a comply-or-explain basis beginning in 2024, with assurance beginning the following year. While Provident Housing is not independently listed, we have started the procedure for ESG reporting. This paves the way for not only good practices but also for future readiness.”
Sasalu also discussed the state of the affordable housing segment and said, “Affordable housing today does not have the exact definition as it used to be. We continue to be in the same space as we were. Over the last decade, affordable unit prices have ranged between Rs 45 lakh to Rs 1.2 crore in metropolitan cities. Our focus continues to be on this market segment, as this is the largest pie in the residential housing business.”
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