Puravankara to invest around Rs 1,100 cr on 2 new housing projects in Bengaluru

Team Udayavani, Jun 21, 2020, 2:21 PM IST

Bengaluru: Realty firm Puravankara will invest around Rs 1,100 crore to develop two new housing projects in Bengaluru as the company has decided to continue with planned projects despite the COVID-19 pandemic.

It planned to launch these two projects in January-March quarter of the last fiscal, but deferred it because of the coronavirus outbreak in India and the subsequent nationwide lockdown imposed on March 25.

Puravankara recently launched the two projects on digital platforms, the company”s MD Ashish R Puravankara told PTI.

In the first project, ”Provident Woodfield”, the company will develop 356 plots, mostly residential, on a 25 acre land parcel at Electronic City in Bengaluru.

The total investment in this project is around Rs 80 crore and will be delivered by 2023-end. The plots are available in a price range of Rs 21 lakh to Rs 76 lakh, he said.

In the second project, ”Purva Atmosphere”, which is spread over 13 acres at Thanisandra in Bengaluru, the company will construct 939 units, priced Rs 95 lakh onwards.

The project is expected to be completed by March 2025 with an estimated investment of Rs 1,000 crore, Ashish said.

“Both our projects were planned to be launched in Q4FY20. In the past few months, we saw a steady rise in customer sentiment veering towards homes as their safe investment option. Seeing this latent demand, we accelerated our plans and process, which helped us in planning these launches,” he added.

In the current situation, he said the aim is to make it convenient for buyers to access projects at the click of a button from anywhere in the world.

“Puravankara Group has always believed in presenting the right product at the right location and right price. Extensive research and assessment are done in identifying locations,” he said.

He mentioned that the company”s quasi book building method to sell properties has proved to be successful for price discovery.

In the last four decades, Puravankara Ltd has completed and delivered more than 40 million sq ft area. It has presence in southern and western parts of India.

The company sells premium apartments under the Puravankara brand and affordable homes under the Provident brand.