Construction Industry News
Real estate company Provident Housing Limited (PHL) has entered the Mumbai real estate market with Provident Palm Vista, an affordable housing project.
PHL's latest project was in Kalyan, an emerging hot spot in Mumbai for housing demand. In recent years, Mumbai has witnessed a rising demand for quality affordable housing for brand developers.
Managing Director of Puravankara Limited, Ashish R Puravankara, told media that the company is committed to residential development. With some 20,000 customers, the company will soon expand its premises in Mumbai. PHL's new venture will empower homebuyers with enhanced luxury, affordable housing and green urban spaces.
In the past 12 years, the company has launched 21 million square meters projects in Bangalore, Mumbai, Chennai, Hyderabad, Pune, Goa, Kochi, Coimbatore and Mangalore, of which 12 million square meters have already been completed.
He said the company is confident in providing the best infrastructure, timeless designs, smart amenities and sustainable innovations to drive real estate growth in the region.
Puravankara Ltd has an ambitious pipeline project planned in the coming quarters. In FY22, the company plans to launch an area of 15 million square feet. Of the total area, PHL will have 7 million square feet, and Puravankara will represent 3.5 million square feet, while the parcel development division, Purva Land, will have an area of approximately 4 million square feet.
It has already completed 74 infrastructure projects in an area of 42 million square feet, and more than 22 million square feet of the projects are under development. The company's total land bank is approximately 65 million square feet.
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