funding booster to affordable housing
In a major funding booster to affordable housing segment realty player Puravankara plans to set up a realty fund of about Rs.2,000 crore to develop low cost housing projects, primarily in key markets of Bengaluru, Mumbai, Pune, Chennai and Hyderabad, MD Ashish R Puravankara said. Encouraged by healthy sales bookings of over Rs.1,100 crore till December in the current fiscal, the company has lined up launch of 15 new projects by March next year entailing an investment of about Rs.3,200 crore in construction in the next few years. On this score, the developer is in talks with few investors to set up this platform within six months. He further noted that affordable housing segment has been performing well on the back of several initiatives such as infrastructure status and interest subsidies and that the company would launch six new projects under its low- cost housing brand 'Provident' and eight projects under premium 'Puravankara' brand. The company, in fact, has achieved 29% growth in sales bookings at Rs.1,102 crore in the first nine months of the current fiscal, as against Rs.853 crore in the year-ago period.