Provident Housing, a wholly-owned subsidiary of Puravankara Group, has partnered with Tata Projects, for construction of its 20-acre Kenworth housing project in Hyderabad. Ashish Puravankara, managing director, Puravankara Projects Ltd commented that “The overwhelming response from customers in Hyderabad reiterates that demand for premium affordable housing is on the rise. We believe that the state of Telangana has all the factors for growth prospects in place. The low cost of living compared to other Indian metros, rapid infrastructure development, and a proactive government are very encouraging.”
Anand Narayanan, president – sales, marketing and CRM, added that the company expects Kenworth (to be developed in four phases) to be completed in 48 months. Nearly 500 units have already been sold in the first phase of the project at Rajendranagar. Puravankara’s partnership with Tata Projects, will add value in terms of timely delivery of superior quality of construction, said Narayanan. “The awarding of the construction contract to Tata Projects, further reflects the underlying principle that affordable homes are not about cutting corners on costs but about delivering a well-designed home, without compromising on quality or timely delivery. Within a short span of time, Tata Projects has mobilised the required resources on ground and the construction is on in full swing,” shared Narayanan.
Provident Housing has closed bookings for Kenworth Phase 1. The launch of Phase 2, which was originally scheduled for March 2017, has been advanced to October 2016 to meet the demand from new customers, he added. Phase 2 of Kenworth shall have 2 and 3-BHKs homes priced between Rs 40 to 60 lakhs, along with a limited number of ‘Kings League’ 4-BHK signature units, priced below a crore.
Provident Housing is expected to commence receiving Expressions of Interest (EOI) from prospective customers for its Phase 2, within the next fortnight. Customers who submit their EOIs, shall get the privilege of a special price and the first right to choose their homes, when bookings are opened to the general public in October.
On the status of the project, Narayanan said the first phase is expected to be over in the next 36 months while the entire project would be completed in 48 months.
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