+
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

Next Story
Real Estate

Heena Lalwani Buys Rs 1.13 Billion Juhu Apartment

Heena Lalwani, promoter of Aatman Innovations Private Limited, has purchased a luxury apartment worth Rs 1.13 billion in Mumbai’s upscale Juhu locality, according to property registration documents accessed by Zapkey.com.The 9,862 sq ft apartment, located on the 10th floor of Lodha Developers’ Avalon Tower, was acquired at Rs 115,000 per sq ft and comes with five car parking spaces. The deal, registered on 18 August 2025, also included the payment of Rs 68 million in stamp duty and a Rs 30,000 registration fee.Lodha Developers did not respond to queries regarding the transaction, while the..

Next Story
Real Estate

Godrej Buys KPHB Land for Rs 7 Billion in E-Auction

An acre of prime land in Kukatpally Housing Board (KPHB), Hyderabad, was auctioned for Rs 7 billion, with the Telangana Housing Board generating Rs 5.47 billion from the sale of 7.8 acres through e-auction on 20 August 2025.The auction notification was issued last month, attracting bids from Godrej Properties, Aurobindo Realty, Prestige Estates, and Ashoka Builders, according to Board vice-chairman V.P. Gautham. With an offset price of Rs 4 billion per acre, the three-hour auction saw 46 bid increases, before Godrej Properties acquired the land.Revenue generated from the auction will be utilis..

Next Story
Real Estate

HMDA to Auction 93 Prime Plots in September

The Hyderabad Metropolitan Development Authority (HMDA) is preparing to conduct a three-day auction of prime open plots across Hyderabad, Rangareddy, and Medchal-Malkajgiri districts this September.According to official reports, the e-auction will take place on 17, 18, and 19 September, offering 93 plots. Of these, 70 are located in the Bachupally HMDA layout, with the remainder spread across Turkayamjal, Kokapet, Poppalguda, Chandanagar, Bairagiguda, Gandi Maisamma, Suraram, Medipally, and Bachupally village.The highest upset price has been fixed at Rs 175,000 per square yard for a land parce..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?