Puravankara pushes ₹850-cr luxury realty projects

Real estate building major Puravankara in a recent move has decided to invest ₹850 crore to develop three ultra luxury residential projects in Bengaluru, Chennai and Mumbai. The Bengaluru-based company will develop these residential projects under a new brand 'WorldHome Collection' as the company currently sells apartments under Puravankara brand and affordable homes under Provident brand. In these three housing projects, Puravankara will develop a total of 1,460 units with a built up area of 2.2 million sqft, said Managing Director, Ashish Puravankara. The new brand is targeted at a niche demographic to provide sustainable, futuristic and exclusive homes. Puravankara recently launched its first project 'Purva Atmosphere' in Bengaluru, comprising around 1,050 apartments. The construction work on the second project 'Sommerset House' comprising 180 units has started in Chennai, but sales have not been opened yet. The third project of around 240 units in Chembur, Mumbai is expected to be launched by March 2020. The project in Bengaluru is under joint development, while those in Mumbai and Chennai are company-owned.