Provident Housing launches 20-acre plotted project

In a bid to diversify its business and cater to the surging demand for plots offered by leading developers, Provident Housing, a wholly-owned subsidiary of Puravankara Limited, has forayed into plotted development. The project, Provident Woodfield, is located in Electronic City, will be the first plotted development project by Provident Housing. Spreading over 20 acres, the project offers various plot sizes ranging between 1200 and 2400 sqft. Currently, 65% of the company's business comes from mass housing brand, Provident, while rest from Puravankara brand, said Ashish Puravankara, MD Puravankara, elaborating that the company currently builds luxury homes under Purvavankara Luxury, while premium affordable residences are under Provident Housing brand, launched in 2008. Puravankara has completed and delivered 40 million sqft of the project while around 20 million sq ft of projects are under development across residential and commercial segments. It managed to sell flats even during the lockdown and will launch all the future projects on schedule. The developer also plans to double its commercial and retail portfolio to 10 million sqft by 2023 for which, Puravankara has already acquired land in Bengaluru, Mumbai, Pune, and Hyderabad. The developer plans to launch 8.7 million sq. ft. over the next three quarters, most of it under its premium affordable housing segment, Provident.