Puravankara pushes six affordable housing projects
Bengaluru-based real estate property builder Puravankara plans to launch affordable housing projects across the country through its affordable housing arm Provident Housing Ltd. Managing director Ashish Puravankara informed that they plan to launch six new projects spanning more than 8.21 million sq. ft this financial year across Kochi, Mumbai, Pune, Bengaluru, and Chennai. As compared to Puravankara, which has premium category launches totaling 2.85 million sq. ft., Provident will be a game-changer for the next two years. Even if 60% of the planned launches happen this year, the entire company will be looked at differently. In volumes, it believes that it has the potential to be the country's home builder. Puravankara and Provident projects at present have a 50:50 share in the company's overall portfolio, but with the new launches, the latter will take up 70% share in terms of project size. Puravankara projects was among the first to form a separate business vertical dedicated to affordable and mid-income housing projects. Since 2009, it has launched around 16 million sq. ft under Provident and delivered nearly 12 million sq. ft and 11 million sq. ft, respectively, in the two segments, said Puravankara's CFO Kuldeep Chawla.
📅Published on:
30 August 2019
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