Puravankara Launches First Affordable Housing Project; Invests Rs 600 Cr | CORPORATE ETHOS

Puravankara Launches First Affordable Housing Project; Invests Rs 600 Cr

By: | January 17, 2018

Jan 17: Puravankara Ltd, a leading real estate company in India, on Wednesday announced the launch of its first premium affordable housing project of the year – Provident Park Square – in a joint venture between the company (Developer) and Keppel Puravankara Development Pvt Ltd (Landowner).

“With an investment of Rs 600 crore, Provident Park Square at Judicial Layout, Kanakapura Road, Bangalore, is set to transform the ecosystem of affordable housing in the country. This project is a one of a kind mixed development project which caters to the needs of a new age home buyer. Like a micro mall, the property includes restaurants, retail stores and many more such lifestyle amenities. The property is developed using state-of the art precast technology. Provident Park Square is in line with Puravankara’s ambitious plan of developing 10 lakh sq.ft of affordable housing projects through the next 13-15 months,” the company said in a statement.

Acording to Ashish R Puravankara, Managing Director, Puravankara Ltd, “the Government’s strategic initiatives and the country’s encouraging economic growth have fuelled greater interest in the affordable housing segment. Affordable housing not only triggers a robust growth for the sector, but also enables a higher GDP for the economy.”

The first phase of Provident Park Square will be ready by 2021, the statement added.

Keppel Puravankara Development Pvt Ltd is a Joint Venture between Puravankara Ltd and Singapore based Keppel Land, one of Asia’s premier property companies.

Puravankara Ltd has a presence in Bengaluru, Kochi, Chennai, Coimbatore, Mangaluru, Hyderabad, Mysore, Mumbai and Pune.

Shares of the company were trading in red at Rs 155.75, down 0.73% from the previous closing of Rs 156.90, on BSE at 12.43 pm today.