Realty company Puravankara said on September 19 that its wholly owned subsidiary Provident Housing will launch Phase 6 of the Provident Equinox residential project in Bengaluru on September 20. The launch will mark the sixth phase of the existing development and is part of the company’s normal course of business.

The project is located at Venkatapura Village in Kengeri Hobli, Bangalore South Taluk, within Bengaluru South in Karnataka. Provident Equinox 6 has been registered with the Karnataka Real Estate Regulatory Authority and is intended for the domestic residential market.

The company said the project is a domestic launch, making the country of launch not applicable. No financial details about the new phase were disclosed in the announcement. The project is being developed at the existing Provident Equinox site rather than as a separate development.

Separately, Puravankara secured redevelopment rights for three residential societies in Bangur Nagar, Goregaon West, Mumbai, during the week. The project has an estimated gross development value of Rs. 26 bn, covers 4.68 acres and has an estimated developable potential of approximately 1.05 mn square feet.

The Mumbai project is Puravankara’s eighth redevelopment project in the city and expands its presence in the redevelopment market. The company has identified redevelopment as an important part of its Mumbai growth strategy and said it sees an opportunity to build a larger platform in the segment through capital allocation and project execution.

Shares of Puravankara ended at Rs. 213.50 on the BSE on September 18, down Rs. 4.90, or 2.24 per cent. The company’s announcement did not provide details on the expected sales value, construction timeline or financial contribution from Provident Equinox 6.