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

22 Mar 2022 CW Team

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

Technology

10 Nov 2025

Red Hat Launches EU-Based Support to Boost Digital Sovereignty

Red Hat, the global leader in enterprise open source solutions, has announced Red Hat Confirmed Sovereign Support for the 27 European Union member states. The initiative aims to strengthen digital sovereignty by offering dedicated, EU-citizen-driven technical support within the EU region. This new service provides verifiable local control over IT operations, addressing Europe’s growing need for compliance, transparency, and operational autonomy. European businesses increasingly view digital sovereignty as vital for economic resilience, AI innovation, and secure data governance amid global g..

Afreximbank Funds $36.4 Million Stadium Project in Uganda

The African Export–Import Bank (Afreximbank) has extended a $36.4-million contract financing facility to Egypt’s SAMCO–National Construction Company (SAMCO) for the construction of the Akii Bua Olympic Stadium in Lira, Uganda. The project is part of Uganda’s preparations to co-host the 2027 Africa Cup of Nations (AFCON) alongside Kenya and Tanzania. The funding was granted under Afreximbank’s Engineering, Procurement and Construction (EPC) programme, which supports African contractors undertaking large-scale infrastructure projects across the continent. Signed in Cairo, the agreeme..

BirlaNu Acquires Clean Coats to Boost Construction Chemicals Portfolio

BirlaNu, part of the multi-billion-dollar CKA Birla Group, has announced the acquisition of Clean Coats Private for approximately Rs 1.2 billion, marking a major step in expanding its construction chemicals and high-performance coatings business. Founded in 1999, Clean Coats is a pioneer in specialty coatings, offering epoxy and polyurethane coatings, waterproofing systems, anti-corrosion linings, and food-grade protective solutions. The company serves industrial, oil & gas, and water management sectors across India and in more than 27 countries. Backed by a strong R&D and application develop..