Construction Industry News
Provident Housing, a subsidiary of Puravankara Group, entered the bridge to luxury residential segment with its first project in Bengaluru, Karnataka. Spread over 15 acres on IVC Road, the project will comprise 288 units of approximately 2,000 sq ft each.
The Bengaluru-based company is looking to develop more such projects depending on the size and requirements of the market. The upcoming project is expected to cost around Rs 1.9 crore per unit, with a total revenue potential of Rs 600 crore. Additionally, the company plans to maintain its portfolio with a mix of 75 percent middle-income housing and 25 percent bridge-to-luxury housing. It will also focus on large municipal projects spread over 30 hectares, as demand for community living increases.
In addition, the real estate company plans to focus on the radial development of the city, for which it is in talks about two large plots of land in Whitefield and Electronic City to develop municipal projects. Talks are also underway with HDFC Capital Advisors to raise over Rs 1,000 crore. The proposed fund would be used to build middle-income housing in the southern markets of Bengaluru, Chennai and Hyderabad and enter new markets. The investment is expected to have a gross development value of nearly Rs 3,500 crore.
Currently, Provident Housing has 12.5 million sq ft of projects under construction and contributes 50 per cent of the Group's operations. The company has a residential project pipeline of 5.8 msf, which is likely to be launched in the next two quarters.
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