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The Bangalore-based Puravankara Projects Ltd is looking at various Tier II and III cities to cater to the affordable housing segment targeting middle class and first time home buyers.
The company has set up a wholly-owned subsidiary, Provident Housing Ltd, for the venture with two projects in Chennai and Bangalore.
The plan is to focus on South India in the first phase and to spread in other regions in the second phase, said Mr Jackbastian Kaitan Nazarath, Chief Executive Officer of the group.
Purva Oceana
The company has also acquired land in Mangalore for the venture, he said.
Speaking to reporters in connection with the launch of the high-end ‘Purva Oceana', the first project in Kochi, he said the company has so far completed 33 residential and commercial projects and currently, has 19 ongoing residential projects.
The group is aiming to make its presence in 33 cities in the next five years, he said.
Purva Oceana is the first project in Kerala which is being marketed after completion of construction.
Spread over 1.24 acres, the project is a 12-storied building with two levels of parking strategically located on the Marine Drive waterfront overlooking the Bolghatty Palace and the Marina.
Investment
The project has a spacious three-bedroom apartments ranging from 2,367 to 3,278 sq ft.
The company is looking at investing between Rs 500 crore and Rs 1,000 crore in Kerala in all the segments in the next two years, he said.
It is in acquisition mode in the affordable housing segment in the State, he added.
The company is also going ahead with one more project at Marine Drive and two at nearby Kakkanad.
The group, which began its operations in Mumbai, has established its presence in Bangalore, Chennai, Coimbatore, Hyderabad, Mysore and Dubai and Colombo.
FDI
Puravankara is also the first company to receive FDI in the Indian real estate industry through its joint venture with the Singapore-based Keppel Corporation and has ongoing housing projects in two cities in India.
The group has also purchased lands in Colombo and is also getting into road and bridges segment besides looking at building hospitals.
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