Puravankara Limited plans to invest over Rs 1,550 crore to construct a 3 million mixed-use development housing project in Kochi, Kerala, as part of its plan to expand its business amid rising demand for apartments and housing post the second wave of Covid-19 pandemic.
Its subsidiary Provident Housing Limited will develop a 3 million sq ft area in the project, spread over 18 acres of land, Provident Winworth at Kochi. The company is expecting sales of about Rs 3,000 crore from this project in the next 6-7 years. Managing Director of Puravankara Limited, Ashish Puravankara, said, Provident Housing is a mix of luxury and affordability that are mutually exclusive. The company will offer its first premium-affordable housing in Kochi.' CEO of Puravankara Limited, Abhishek Kapoor, said the company would develop a 2.6 million sq ft of residential area and 0.4 million sq ft of commercial space in this mixed-use development project. He added the company would invest around Rs 1,550 crore on the pure construction of this project. Chief Operating Officer (COO) of Provident Housing Limited, Mallanna Sasulu, said that the project would be developed in three phases, including 519 apartments in the first phase. Earlier, Puravankara Limited had announced that International Finance Corporation (IFC), a member of the World Bank Group and IFC Emerging Asia Fund, will invest Rs 556 crore in the affordable housing sector to develop around four projects. It will be the largest mixed-use development project in Edappally, having retail and commercial segments. The real estate project will be introduced through the Quasi Book Building method. The fundamental demand and supply metrics will drive the price discovery process. The company has already completed 75 projects of over 43 million sq ft land, and over 24 million sq ft of projects are under development. The company owns a total land bank of over 58 million sq ft. In the last 13 years, Provident Housing Ltd has launched around 21 million square feet of projects across nine cities in the country, including Bangalore, Chennai, Hyderabad, Mumbai, Pune, Goa, Kochi, Coimbatore, and Mangalore, from which around 12 million sq ft have been delivered. Image Source
