+
Puravankara arm to invest Rs 3,500 cr for expansion plan
Real Estate

Puravankara arm to invest Rs 3,500 cr for expansion plan

Provident Housing Limited (PHL), a completely owned subsidiary of Puravankara, plans to infuse more than Rs 3,500 crore to develop its housing portfolio and venture into new cities over the coming five years.

The company is in the process of entering Mumbai and Pune in a proposal to double its residential portfolio to 20 million sq ft. It presently has a portfolio of 12.07 million sq ft. The renewed buyers' confidence has been instrumental in the recovery of the housing market in Q3 2021, which has registered good sales and launches in the last few quarters. They are not just entering newer cities but will also be aggressive in their development plans, as per Mallanna Sasalu, chief operating officer, PHL.

After a break in the second quarter of 2021 due to a resurgence in the Covid-19 pandemic and restrictions inflicted by several state governments, sales gained momentum during the third quarter as the economy picked up, helped by aggressive vaccination drives. Provident currently adds more than 50% of the group's income and has witnessed its business increase by 14% y-o-y in Q3. In 2020, the IFC Emerging Asia Fund infused $76 million alongside Puravankara Group in its affordable housing projects in India.

PHL has ventured into the Kochi property market with a 3.4 million sq ft development that is likely to produce a sales value of Rs 3,000 crore. The project was supported by IFC. In the coming quarter, they will enter the Pune market and aim for more opportunities in existing cities such as Hyderabad and Bengaluru.

Image Source

Also read: Puravankara to infuse Rs.15.5 bn to build 3 mn realty project in Kochi

Provident Housing Limited (PHL), a completely owned subsidiary of Puravankara, plans to infuse more than Rs 3,500 crore to develop its housing portfolio and venture into new cities over the coming five years. The company is in the process of entering Mumbai and Pune in a proposal to double its residential portfolio to 20 million sq ft. It presently has a portfolio of 12.07 million sq ft. The renewed buyers' confidence has been instrumental in the recovery of the housing market in Q3 2021, which has registered good sales and launches in the last few quarters. They are not just entering newer cities but will also be aggressive in their development plans, as per Mallanna Sasalu, chief operating officer, PHL. After a break in the second quarter of 2021 due to a resurgence in the Covid-19 pandemic and restrictions inflicted by several state governments, sales gained momentum during the third quarter as the economy picked up, helped by aggressive vaccination drives. Provident currently adds more than 50% of the group's income and has witnessed its business increase by 14% y-o-y in Q3. In 2020, the IFC Emerging Asia Fund infused $76 million alongside Puravankara Group in its affordable housing projects in India. PHL has ventured into the Kochi property market with a 3.4 million sq ft development that is likely to produce a sales value of Rs 3,000 crore. The project was supported by IFC. In the coming quarter, they will enter the Pune market and aim for more opportunities in existing cities such as Hyderabad and Bengaluru. Image Source Also read: Puravankara to infuse Rs.15.5 bn to build 3 mn realty project in Kochi

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Third Parties Can Move Court Against Unauthorised Construction

The Calcutta High Court (High Court) Circuit Bench at Port Blair held that a third party or public?spirited citizen can approach the writ court when municipal authorities fail to act against unauthorised construction, noting the burden on civic amenities and safety hazards. The Division Bench (Bench) of Justice Shampa Sarkar and Justice Arjun Ray Mukherjee upheld demolition directions for unauthorised portions of a hotel in Sri Vijaya Puram, subject to the regularisation scheme. The Bench rejected the appellant's locus contention. The Bench relied on the Supreme Court decision in Deepak Kumar ..

Next Story
Infrastructure Urban

Rs 16.67 bn Plan to Transform Srinagar Airport by 2031

The Jammu and Kashmir administration has submitted a proposal for a Rs 16.67 billion (bn) expansion of the Civil Enclave at Srinagar International Airport with a target completion year of 2031. The proposal was approved by the Cabinet Committee on Economic Affairs on 24 February 2026 and forwarded to the Ministry of Home Affairs with detailed project parameters and cost estimates. The stated intention is to lift annual passenger handling markedly to address rising travel demand and to modernise core terminal infrastructure. The scheme envisages the construction of a new Integrated Terminal Bui..

Next Story
Infrastructure Energy

India Pushes Self-Reliance In Critical Minerals

Minister of State for Coal and Mines Satish Chandra Dubey said at an industry roadshow in Raipur that India has made continuous efforts to become self-reliant in critical minerals to secure domestic industrial and clean energy supply chains. The roadshow was intended to connect state authorities with industry leaders to address operational and technical aspects. The event facilitated dialogue between entrepreneurs and officials to explain technical matters. The engagement comes against the backdrop of the National Critical Mineral Mission (NCMM), introduced for a seven-year period from 2024-25..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code