A Premium Affordable Housing Project In Pudupakkam, Chennai.
Provident Housing Ltd., a wholly owned subsidiary of Puravankara Projects Limited was launched during August last year. At that time Provident had indicated a broad business plan which among other things committed to launching their first project within 12 months. Provident has now fulfilled that commitment with the launch of “CosmoCity” at Chennai. CosmoCity offers premium affordable housing at Puddupakkam near Siruseri IT Park in South Chennai. Two sizes of 3 bedroom and hall apartment are priced at Rs. 16.90 lakhs and 18.90 lakhs respectively in CosmoCity.
The 2,174 apartments built on a ground + 3 plan in the prestigious CosmoCity will have premium facilities for an enhanced living experience like Lifts, children’s play area, swimming pools for adults and toddlers, separate gyms for ladies and gents, pool table, basket ball, multi-purpose hall and so forth.
In close proximity are the Chettinad Health City, reputed educational institutions, commercial & industrial establishments. CosmoCity will also have as its neighbours the campuses of Infosys, Cognizant, Wipro, TCS, Accenture and the Siruseri IT Park which are a few kilometers from the property.
Provident Housing's objective is to provide affordable premium living spaces targeting the middle class, first time home buyers, young working couples and anyone else in need of premium affordable housing.
The announcement by the Government of India that housing loans upto Rs 20 lakhs will be available at a far cheaper interest rate of 8% makes the purchase of homes at Cosmocity a very attractive and much more affordable proposition than before.
Provident Housing will initially cover the cities of Bangalore, Chennai, Hyderabad, and Coimbatore. In the 2nd phase the objective is to have a pan India presence.
The Ministry of Urban Development has stated that the housing shortage in India at the end of the 10th five year plan is 24.71 million. Provident Housing is well placed to cater to the huge shortage of homes in this segment through the provision of good quality, premium affordable homes.
Speaking on the occasion Mr. Ravi Puravankara, Chairman and Managing Director of Puravankara Projects Limited, said "The affordable housing segment has largely not been catered to by private sector real estate developers. The large existing shortage of homes together with the ever increasing demand in this segment is where the opportunity for Provident Housing lies. With the launch of the first Provident Housing project in Chennai we have embarked on a journey to provide homes to a large cross-section of the Indian public, many of whom are first-time home buyers. Our promise is that we will provide high quality modern homes at an attractive and affordable price."
About Provident Housing Ltd
Provident Housing Ltd., a wholly owned subsidiary of Puravankara Projects Limited, has been established as an independent stand-alone entity with its own budget, offices and staff. Effective use of technology makes for scalability resulting in affordable pricing. Provident Housing Limited will function under the supervision of the Puravankara Group which is known for its premium, world class quality construction standards. In simple words, with Provident, we intend to reset the benchmark set for affordable housing in India.
About The Puravankara Group
The Puravankara Group with over 33 years of excellence in the upper end of the housing sector across various regions of the Country has projects in Bangalore, Chennai, Kochi, Coimbatore, Hyderabad, Mysore and Colombo. The Group also has a presence in Dubai in the UAE and business representatives in the United Kingdom and the United States. With a land bank of over 125 million sq ft, the Group has above 20 million sq ft of residential and commercial space currently under construction. Included in this are on-going residential projects amounting to 13.50 million sq ft which comprise of 7,800 homes.
