Puravankara to build luxury housing in three cities, to invest Rs 850 cr

Realty firm Puravankara Ltd will invest around Rs 850 crore over the next four years to develop three ultra luxury residential projects in Bengaluru, Chennai and Mumbai.

The Bengaluru-based company will develop these three ultra luxury residential projects under a new brand 'WorldHome Collection'.

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

In these three housing projects, Puravankara would develop a total of 1,460 units with a built up area of 2.2 million sq ft and an estimated cost of around Rs 850 crore.

"We have launched a new residential line 'WorldHome Collection' in the ultra luxury space. The new brand is targeted at a niche demographic to provide sustainable, futuristic and exclusive homes," the company's MD Ashish Puravankara said.

"The evolved home buyers in 2020 will be looking for homes with a holistic living experience. Luxury for today's home buyers do not mean marble floors or chandeliers on the ceiling," he added.

Puravankara recently launched its first project 'Purva Atmosphere' in Bengaluru, comprising around 1,050 apartments.

The construction work on the second project 'Sommerset House', comprising 180 units, has started in Chennai but sales have not been opened yet. The third project, having around 240 units, in Chembur, Mumbai is expected to be launched by March 2020. The project in Bengaluru is under joint development, while those in Mumbai and Chennai would be company-owned.

The company would provide more green areas and state-of-the-art home technology under this brand. The price of an apartment would be above Rs 1 crore.

In the Bengaluru project, the company would make provision for pure drinking water from tap and also install an air purification tower. Puravankara Ltd had posted a 28 per cent increase in consolidated net profit at Rs 27.5 crore for the September quarter on higher sales. Total income for the second quarter rose to Rs 623.81 crore from Rs 499.28 crore in the corresponding period of 2018-19.