Provident Housing to develop affordable housing project in Mumbai

18 Oct 2021 CW Team

Realty company Provident Housing Limited (PHL) has entered the Mumbai real estate market with the Provident Palm Vista, an affordable housing project.

The last project of PHL was located in Kalyan, an emerging hotspot in Mumbai for residential demand. Over the last few years, Mumbai has witnessed rising demand for premium affordable housing for branded developers.

Managing Director of Puravankara Limited, Ashish R Puravankara, told the media that the company is committed to developing housing. With about 20,000 customers, the company will soon expand its housings in Mumbai. The new venture of PHL will enable homebuyers to have improved luxury, affordable housing and green urban spaces.

In the last 12 years, the company has launched 21 million sq ft projects in Bangalore, Mumbai, Chennai, Hyderabad, Pune, Goa, Kochi, Coimbatore and Mangalore, from which 12 million sq ft has already been delivered.

He said that the company is confident in providing the best infrastructure, timeless designs, smart amenities and sustainable innovations to boost real estate growth in the region.

Puravankara Ltd has planned an ambitious pipeline project in the upcoming quarters. In FY22, the company plans to launch a 15 million sq ft area. From the total area, PHL will have 7 million sq ft, and Puravankara will account for 3.5 million sq ft, while its plot development arm, Purva Land, will have about 4 million sq ft area.

It has already completed 74 infrastructure projects across 42 million sq ft area, and more than 22 million sq ft of the projects are under development. The company's total land bank is about 65 million sq ft.

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Also read: Puravankara to pump Rs 420 cr in two residential projects in Mumbai

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