Puravankara To Invest Rs 600 Cr On Low-Cost Housing Project
Realty firm Puravankara on January 17 said it would invest Rs 600 crore to construct an affordable housing project in Bengaluru. The project, having 2,100 units, will be developed on a 20-acre land parcel, owned by Keppel Puravankara Development, a joint venture between Puravankara and Singapore-based Keppel Land.
Puravankara launched its first premium affordable housing project of the year, Provident Park Square, with an investment of Rs 600 crore, the company said in a statement.
"Approximate investment of Rs 500-600 crore with an estimated top line of Rs 1,100-1,300 crore in the next four to five years," the company said.
The apartments are in the price range of Rs 27-54 lakh.
Puravankara will have 75 per cent share in the revenue from this project while the remaining will be of Keppel Puravankara Development, the landowner.
Puravankara Managing Director Ashish R Puravankara said affordable housing not only triggered a robust growth for the sector but also enabled a higher gross domestic product growth for the economy.
This project is in line with its plan to develop 10 million square foot (sqft) of affordable housing projects in the next 13-15 months, he added.
The project is being taken to market through quasi book building method, where the price discovery process is driven by data from fundamental demand-supply metrics.
Puravankara has presence in Bengaluru, Kochi, Chennai, Coimbatore, Mangaluru, Hyderabad, Mysore, Mumbai and Pune. It has 30.72 million sqft of completed projects, and 24.92 million sqft of projects under development. The total land assets of the company are 75 million sqft.
With inputs from Housing News