Provident Housing, a subsidiary of Puravankara Group, has ventured into the bridge-to-luxury residential segment with its maiden project in Bengaluru and will focus on large township projects to drive growth, said its chief executive Mallanna Sasalu.
The project, spread over 15 acres on IVC Road, will be priced at about Rs 1.9 crore per unit with a total revenue potential of Rs 600 crore. It will have 288 units of about 2,000 sq ft each, inspired by Manchester City.
?We started as an affordable housing company, but the definition of affordability has changed in the last couple of years. We will develop more bridge-to-luxury projects depending on the scope and market requirements,? Sasalu told ET.
The Bengaluru-based company, launched in 2009. plans to have a portfolio mix of 75% mid-income and 25% bridge-to-luxury homes.
Provident Housing will also focus on large township projects spread over more than 30 acres, as demand for community living is gaining prominence in the country. ?We have a history of building large township projects that can not only make homes affordable but also value for the customers,? said Sasalu.
