Realty firm Puravankara Ltd, on January 17, 2018, said that it will invest Rs 600 crores, to construct an affordable housing project in Bengaluru. The project, comprising 2,100 units, will be developed on a 20-acre land parcel, which is owned by Keppel Puravankara Development Pvt Ltd, a joint venture between Puravankara and Singapore-based Keppel Land.
Puravankara has launched its first premium affordable housing project of the year, ‘Provident Park Square’, the company said in a statement. The project will involve an approximate investment of Rs 500-600 crores, with an estimated top line of Rs 1,100-1,300 crores, in the next four to five years, the company said. The apartments are in the price range of Rs 27-54 lakhs. Puravankara will have 75 per cent share in the revenue from this project, while the rest will go to Keppel Puravankara Development Pvt Ltd, the land owner.
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Ashish R Puravankara, MD, Puravankara Ltd, said affordable housing not only triggers a robust growth for the sector, but also enables a higher GDP for the economy. This project is in line with its plan to develop 10 million sq ft of affordable housing projects, in the next 13-15 months, he added. The project is being taken to market through a quasi-book building method, where the price discovery process is driven by data from fundamental demand-supply metrics.
Puravankara Ltd has presence in Bengaluru, Kochi, Chennai, Coimbatore, Mangaluru, Hyderabad, Mysore, Mumbai and Pune. It has 30.72 million sq ft of completed projects and 24.92 million sq ft of projects under development. The total land assets of the company are 75 million sq ft.
