Puravankara Ltd will invest Rs.600 crore 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’ with an investment of Rs600 crore, the company said in a statement.
“Approximate investment of Rs.500-600 crore with an estimated top line of Rs1,100-1,300 crore in the next four to five years,” the company said. The apartments are in the price range of Rs27-54 lakh. Puravankara will have 75% share in the revenue from this project while the rest will be of Keppel Puravankara Development Pvt Ltd, the landowner.
Ashish R. Puravankara, managing director, Puravankara Ltd, said affordable housing not only triggers a robust growth for the sector but also enables a higher gross domestic product (GDP) for the economy. This project is in line with its plan to develop 10 million square feet 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 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.