Bangalore-based realty major Puravankara Projects Limited is looking to foray in Gujarat as part of its expansion plans. Among future markets of interest for the company include Ahmedabad and Vadodara, two major cities of the state.
The company has tied up with a local developer for the same. "It is best to have a local partner whose land bank can be leveraged for developing quality products for the kind of masses that we cater to. The premium affordable category that we are looking at will require us 10-15 acres wherein we can build 885 sq ft 2BHK and 1180 sq ft 3BHK properties in Ahmedabad," said Jackbastian Nazareth, Group CEO, Puravankara Projects Limited, while refusing to divulge details of the Ahmedabad partner.
Already, Provident Housing Limited is in the process of launching what it terms 'premium affordable' housing project in Bangalore. The project, 'Provident Sunworth', is as huge as six million sq ft spread over 60 acres.
"The group's immediate expansion plans include launches in Mangalore, Coimbatore, Hyderabad, Mysore and Chennai besides the addition of two more projects in Bangalore. Future markets of interest are New Delhi, Mumbai, Pune, Ahmedabad, Vadodara, Kolkata Nagpur and Jaipur. With these aggressive expansion plans and many more in the offing, Puravankara has trained its sights on becoming a developer of nation-wide standing by the end of the decade," said Madhu V, Managing Director, Provident Housing Limited, a wholly owned subsidiary of Puravankara Projects Limited.
Puravankara established the Provident brand in 2008, in response to burgeoning demand for mid-income housing. The proposition is not low-cost housing, but ‘premium affordable’ housing. These are premium homes built to sell at affordable prices, following a value-engineering process that reins in costs. The prices are 25-30 per cent lower than offerings in the specific micro market.
The new project, Provident Sunworth, encompasses 2 BHK units priced at Rs 29.75 lakhs and 3 BHK priced at Rs 35.96 lakhs, all inclusive.