Construction Industry News
Provident Housing, a wholly-owned subsidiary of Puravankara, has announced a major deal with HDFC Capital. The investment of Rs 1,150 crore marks a major milestone in the company's growth and expansion journey.
This strategic collaboration will add an additional 6.2 million sq. ft. of new residential projects to the 14.8 million sq. ft. under construction with GDV combined. 17,100 crore, which will be delivered over the next five to six years. Provident has so far completed 15.1 million sq ft of projects across the country with its presence in nine cities including Bengaluru, Hyderabad, Chennai, Goa, Kochi, Mumbai and Pune.
This partnership with HDFC Capital will help in strengthening Provident's commitment to housing benefit Partnerships to take advantage of emerging opportunities in the real estate sector. With this investment, the company is poised for expansion, focusing on innovation, quality, customer focus and sustainable enterprise development.
Ashish Puravankara, Managing Director, Puravankara, said: “This agreement strengthens the confidence of our institutional investors in the company’s governance and in... The way we do business, we remain committed to developing homes of world-class quality, delivered on time with confidence and transparency.”
Vipul Rungta, Managing Director and CEO, HDFC Capital. He said, "HDFC Capital is committed to long-term partnerships with prominent real estate leaders like Puravankara who have a proven track record of development and delivery. Through our partnership with Puravankara, we will focus on meeting the growing demand for quality housing for middle-income households in India."< /p>
Malana Sasalo, CEO of Provident Housing, said: “This strategic alliance with HDFC Capital represents a pivotal moment in Provident’s journey towards growth and greater market share. With the support of HDFC Capital, we are well positioned to accelerate Developing new residential projects across India while delivering exceptional value to our customers and increasing shareholder value over the long term.”
Kunal Wadhwani, Principal Investments, HDFC Capital said: “Our collaboration with Puravankara helps meet the huge demand for housing “This represents a major development in our investment strategy and signals the beginning of Larger partnerships and deals. Which is consistent with the general vision of the group.”
