Puravankara stock rises 3% as arm launches residential project in Chennai

The rise in Puravankara scrip came after the company announced that its arm, Provident Housing Limited, will launch its latest residential project, Provident Bayscape, in Chennai, on Saturday, Nov 23

Puravankara share price: Shares of Puravankara rose up to 2.88 per cent to hit an intraday high of Rs 336.90 per share on Friday, November 22, 2024. 

 

However, at 1:02 PM, Puravankara shares pared all its gains and were trading 0.50 per cent lower at Rs 325.80 per share. In comparison, BSE Sensex was trading 1.39 per cent higher at 78,230.84 levels.

 

Strategically located on the Kelambakkam-Vandalur Road, the project integrates contemporary living with cultural heritage. The possession of the project is expected by 2028, Puravankara said in a statement.

 

Spread across 5.35 acres, Provident Bayscape features 676 residential units in 2- and 3-bedroom configurations across four towers. The 2 BHK units range between 993 square feet and 1,107 square feet, while the 3 BHK options vary from 1,309 square feet to 1,424 square feet. 

 

These homes are Vaastu-compliant and incorporate design elements tailored to Chennai's lifestyle, such as a dedicated kolam area, separate puja spaces, and an exclusive handwash area, the company claimed.

 

The project boasts 46.5 per cent open spaces adorned with native trees to ensure abundant light and ventilation. Residents will have access to over 25 lifestyle amenities, including a 10,000 sq. ft. clubhouse, a large swimming pool, a fully equipped gym, a yoga deck, a kids' play area, and a pet park, Puravankara added.

 

Located in Chennai’s southern suburbs, Provident Bayscape enjoys proximity to prominent tech hubs like Siruseri IT Park, ELCOT SEZ, and Pacifica Tech Park. The company further highlighted that educational institutions such as Chettinad Dental College and Hindustan College of Arts & Science are nearby from this project. 

 

Additionally, the project offers connectivity to Kovalam Beach, Marina Mall, and leading healthcare facilities, including Chettinad Super Speciality Hospital and Supreme Hospital. The upcoming Kelambakkam metro station will further enhance daily commute convenience.

 

Moreover, the project incorporates a high-capacity organic waste converter capable of recycling up to 900 kg of waste daily, rooftop solar panels generating 150 KW/hour of clean energy, and solar-powered common area lighting. Features like rooftop solar water heaters, rainwater harvesting with 18 recharge wells, EV charging stations, LED fixtures, and timer-based lighting controls stressed upon its eco-friendly design. 

 

The project is registered with Tamil Nadu RERA, Puravankara added.

 

Set up in 2008, Provident Housing Limited is a large-scale real estate developer. The company caters to the diverse residential needs of buyers, with a focus on aspirational home ownership. It is a 100 per cent subsidiary of Puravankara Limited.