Pu­ra­vankara to in­vest in low­cost hous­ing project

HT Estates - - FRONT PAGE - Press Trust of In­dia ht­es­tates@hin­dus­tan­times.com

NEWDELHI: Realty firm Pu­ra­vankara Ltd on Wed­nes­day­saidit will in­vest Rs600 crore to con­struct an af­ford­able hous­ing project in Bengaluru.

The project, com­pris­ing 2,100 units, will be de­vel­oped on a 20- acre land par­cel which is owned by Kep­pel Pu­ra­vankara De­vel­op­ment Pvt Ltd, a joint ven­ture be­tween Pu­ra­vankara and Sin­ga­pore-based Kep­pel Land. Pu­ra­vankara has launched its first pre­mium af­ford­able hous­ing project of the year ‘Prov­i­dent Park Square’ with an in­vest­ment of Rs600 crore, the com­pany said in a state­ment. “Ap­prox­i­mate in­vest­ment of Rs500-600 crore with an es­ti­mated top line of Rs1,100-1,300 crore in the next four to five years,” the com­pany said. The apartments are in the price range of Rs27-54 lakh.

Pu­ra­vankara will have 75% share in the rev­enue from this project while the rest will be of Kep­pel Pu­ra­vankara De­vel­op­ment Pvt Ltd, the landowner.

Ashish R. Pu­ra­vankara, man­ag­ing direc­tor, Pu­ra­vankara Ltd, said af­ford­able hous­ing not only trig­gers a ro­bust growth for the sec­tor but also en­ables a higher gross do­mes­tic prod­uct (GDP) for the econ­omy. This project is in line with its plan to de­velop 10 mil­lion square feet of af­ford­able hous­ing projects in the next 13-15 months, he added. The project is be­ing taken to mar­ket through quasi book build­ing method, where the price dis­cov­ery process is driven by data from fun­da­men­tal de­mand-sup­ply met­rics.

Pu­ra­vankara Ltd has pres­ence in Bengaluru, Kochi, Chen­nai, Coim­bat­ore, Man­galuru, Hyderabad, Mysore, Mum­bai and Pune.

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