Puravankara targets ₹8,000-cr from new realty projects

Real estate building major Puravankara has recently entered the luxury real estate segment under the Purva WorldHome collection brand, targeting a niche demographic of home buyers. The company plans to add 3-4 properties in next 1-2 years in this segment across Chennai, Mumbai and Bengaluru. WorldHome will be a niche product and is expected to generate ₹3000 crore revenue over the next four years, MD, Puravankara, Ashish R Puravankara, said reiterating that the first project under the new segment will be launched in Bengaluru- Purva Atmosphere commanding a price tag worth ₹1 crore. The prices will be based on the geography and location as the company currently builds luxury homes under Purvavankara Luxury, while premium affordable residences are under Provident Housing brand, launched in 2008. Currently, 65% of the company's business comes from mass housing brand, Provident, while rest from other Puravankara brands and separately, the firm is expanding its commercial portfolio. It plans to develop 10 mn sq ft of commercial projects and venture into retail development across major cities, COO-Residential, Puravankara, said.