Provident Housing, a 100 per cent subsidiary of Puravankara Limited, has announced the successful culmination of the book building process for its first project in the RERA era and revealed its opening price points for the project, based on demand and supply metrics analysed during its quasi booking building process. Provident Park Square in Bengaluru, was sold-out on its launch event.
The project, located at Judicial Layout, Kanakapura Road, Bengaluru, was launched through a quasi-book building process on January 14, 2018, which culminated on March 24, 2018. The entire project comprises of 2082 units, along with all available facilities and an upcoming micro mall.
1,300 prospective home buyers, who actively participated by expressing interests to buy, were offered a reservation to a home of their choice, at a ‘Uniform Unit Price’, based on first-cum-first-serve queuing methodology. This price discovery mechanism works like a bidding process where preference is given to the bidder who was first in submitting an expression of interest. The project was oversubscribed by 1.6 times and the waitlist applications received allotments in the future phases.
Speaking about the response received, Ashish R Puravankara, managing director, Puravankara Limited said, “The response we received for Provident Park Square, is testament of the customer’s urge to buy quality products and we are grateful to our buyers for instilling trust in our brand and product. This validates the recent industry reports, which predicted an overwhelming upward growth for the real estate sector. The growth of the premium affordable housing segment has further expanded the market, as the home buyers opt to buy homes that come with excellent quality features, good amenities and most importantly, within their budget. In Q2 2018, we had committed to develop over 10 million sq ft of affordable housing projects in the next 12-15 months. Provident Park Square in Bengaluru and our recently launched project in Goa, Adora De Goa, are our steps in that direction. We have opened the expression of interest process for the Goa project and shared the price bracket with buyers. The expected launch for this is April 2018.”