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Puravankara has entered into a partnership with a private equity group to acquire around 31.69 acres in Chennai’s prime location Poonamallee with a developmental potential of 3.3 million squre feet.
The premium affordable housing project will be developed under the brand 'Provident' in 3 phases. The acquisition cost of land stands at Rs 110 crore.
The project is expected to be launched with all statutory approvals by the end of this financial year with a target of completion within 60 months.
Puravankara has now commenced its foray into strategic private equity partnerships to meet its growth objectives, strengthen its balance-sheet and leadership position.
Ashish Puravankara, Joint Managing Director, Puravankara Projects Ltd, said: “Private equity investments will also allow Puravankara’s ability to expand its geographic reach, enhance service offerings and grow the business in support of customer needs.”
The average selling price of the units would be in the range of Rs 4,500 per sqaure feet, and the project is expected to generate revenues of Rs 1,500 crore.
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