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Puravankara Ltd plans to invest ₹3,000-3,300 crore to take up construction of 15 million sq ft in the next four-five quarters.
Sharing the company’s plans for 2018, Ashish R Puravankara, Managing Director, Puravankara Ltd, said, “Of the 15 million sq ft, 10.3 million sq ft will be for affordable housing under Provident and the balance (4.7 million sq ft) under Puravankara brand.”
Focus cities The land is from our land bank procured long ago. We will be spending through internal accruals and on construction only. Our focus cities are Bengaluru, Chennai, Pune and Mumbai,” he added.
On Wednesday, the company announced its ₹600-crore project Provident Park Square at Judicial Layout, Kanakapura Road in Bengaluru. Ashish said the project is being taken to market through an innovative Quasi Book Building method, where the price discovery process is driven by data from fundamental demand-supply metrics.
Reforms effect Talking about reforms sweeping the sector, he said, “The real estate industry experienced its share of change in 2017 with demonetisation and the introduction of policy reforms which consisted of RERA and GST. The growth curve of the industry saw a gradual drop in terms of sales and enquiries, creating a temporary market slow down.”
“Post this sluggish phase, the real estate market picked up pace with a positive vigour in terms of renewed consumer confidence which lead to an increase in new property bookings for the remaining part of the year. Taking after this positive buyer sentiment, 2018 brings with it the promise of progress and a zealous year ahead for the industry.”
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