Puravankara to Invest 420 Cr in Mumbai, Bengaluru Projects
Purvankara expects these projects, Provident Palm Vista at Shilphata, and Devanahalli in Bengaluru, to generate 1,250 Cr in sales.
On Wednesday, October 13, Bengaluru-based realty firm Puravankara Ltd. announced the launch of two new residential projects in Mumbai and Bengaluru. The company plans to invest Rs 420 Cr on the projects and projects sales revenue to the tune of 1,250 Cr over the next four years, given the rising demand for housing.
The two new projects are Provident Palm Vista located near Shilphata, Dombivli with one million square feet of saleable area, and Tivoli Hills located near Devanahalli, Bengaluru with a total saleable plot area of about 1.4 million square feet.
Talking to PTI, Puravankara CEO Abhishek Kapoor said, "We are introducing our affordable housing brand 'Provident' in Mumbai market. We will build this project in JDA (Joint Development Agreement) model," told PTI. Puravankara’s economic interest in Provident Palm Vista is nearly 69 per cent. Kapoor was also quoted saying the company is likely to sell units in a price range of Rs 40-80 lakh.
Earlier in 2021, Puravankara re-entered the Mumbai market to develop a premium mixed-use project, Purva Clermont, in Chembur, Mumbai at a cost of Rs 450 crore. The group had developed real estate projects in 1970s under a different brand. At Purva Clermont, Puravankara is currently developing four residential towers with 233 units and one commercial tower with 79 units.
Kapoor said the company is looking to acquire more projects through outright purchase of land and JDAs across five focus markets: Bengaluru, Mumbai, Pune, Chennai and Hyderabad.
Provident Palm Vista (earlier Puravankara Provident) is located at Kalyan Shilphata Junction, Dombivli, the fastest growing residential hub in MMR. Learn more or contact Horizon to book your home at Provident Palm Vista.