The Hindu Business Line : Puravankara to build budget homes

Mumbai, Aug 13 Bangalore-based Puravankara Projects proposes to build 64,500 affordable homes in the price range of Rs 10-20 lakh, across five cities in five years.

The projects will be executed through Puravankara’s wholly owned subsidiary Provident Housing and Infrastructure Ltd. The units on offer will be of 700-1,100 sq ft.

In the first phase, projects will come up in Bangalore, Chennai, Hyderabad, Coimbatore and Mysore, where the 64,500 homes with a total built-up area of 59.80 million sq ft will be constructed at a cost of Rs 8,000 crore.

Mr Ravi Ramu, Director, Puravankara Projects, said funding will be through debt and customer advances, which is expected to total Rs 6,500 crore. The balance will be taken care of by internal accruals and equity sourcing.

First Phase

The first three projects of Provident in Bangalore and Mysore of over 19,000 homes covering an area of 17.10 million sq ft are in an advanced stage of plan sanction with the first project in North Bangalore of 4.50 million sq ft, comprising 5,100 homes, ready for launch in the next few months.

Delivery will be in two years from allotment. Since the company will obtain pre-project approval from its bankers, the buyers can get loans processed in quick time, said Mr Ramu.

Target customers

Mr Jayakar Jerome, Managing Director of Provident Housing and Infrastructure Ltd, said the target was middle-class families and first-time home buyers. “We will provide affordable premium homes which will cater to a largely under serviced market in the country,” he said.

Mr Ashish Puravankara, Director, Puravankara Projects, said the company would use modern technology-based construction methods to achieve scalability at an affordable price.

Provident Housing intends to cover cities such as Delhi, Kolkata, Kochi, Jaipur, Pune and Nagpur in the second phase.

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Puravankara announces project in Chennai

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