Puravankara to pump Rs 420 cr in two residential projects in Mumbai

18 Oct 2021 CW Team

Real estate firm Puravankara Limited plans to invest Rs 420 crore in two residential construction projects in Mumbai and Bengaluru and target over Rs 1,250 crore sales revenue within the next four years from the rising housing demand.

The company launched two projects, Provident Palm Vista and Tivoli Hills, located in ShilPhata, Mumbai, having one million sq ft area, and in Devanahalli, Bengaluru, with a total area of 1.4 million sq ft, respectively.

CEO of Puravankara Limited, Abhishek Kapoor, told the media that the company would introduce affordable housing in Provident Palm Vista in Mumbai, and the project will be built on a Joint Development Agreement (JDA) model.

The economic interest of the company in Provident Palm Vista is about 69%. The company may sell its units at about Rs 40-80 lakh, Kapoor said.

The company is also launching a project in Bengaluru priced ranging from Rs 50 lakh to Rs 1.5 crore, where the demand has been greater across the country.

Kapoor said that the total estimate for the Bengaluru project is Rs 70 crore, and for the Mumbai project, the construction cost is Rs 350 crore.

He said that the company is planning to acquire more projects across India, including Bengaluru, Mumbai, Pune, Hyderabad and Chennai.

The company has already completed 74 projects of around 42 million sq ft area, and more than 22 million sq ft area of projects are under development. The total land bank of the company is nearly 65 million sq ft.

In FY22, the company plans to launch a 15 million sq ft area, with 7 million sq ft under Provident brand, 3.5 million sq ft under Puravankara and 4 million sq ft under Purva Land brand.

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