Puravankara Bangalore Affordable Housing Project Kanakapura Road, Public Offer
Real estate developer Puravankara Ltd has started taking ‘expressions of interest’ from buyers for its upcoming Bangalore affordable housing project at Judicial Layout, Kanakapura Road, Bangalore. Provident Park Square is being taken to market through a quasi-book building method. Under this, price bands are announced for each type of property and interested buyers can place bids at the price of their choice within the band.
Bangalore affordable housing project final price, to be announced in March, will be decided by checking for the highest price at which all or most of the units can be sold. Even if someone places a bid that is higher than the final price, the person will have to pay only the final price, and not his bid price.
Puravankara will use what it called “precast technology” to create the apartments. It also includes all the lifestyle amenities. The project will seen an investment of Rs 600 crores, the company said. The company said it has plans to develop 10 million sq.ft of affordable housing projects through the next 13-15 months.
Puravankara is not the first developer to choose the IPO method of selling its inventory. The innovative method of selling the units leverages technology to overcome the uncertainty of the market. At present, real estate prices are in a bit of a flux as the sector is no longer considered the sure-shot return-generator that it was till 2014.
In such a situation, people such as non-resident Indians and high-salaried professionals have stopped buying up expensive flats hoping for prices to go up in the future. This has hurt the business models of real estate developers across the country, who have now started targeting the middle class with ‘affordable’ houses.
To give a boost to the sector, the central government has announced schemes under Pradhan Mantri Awas Yojana (PMAY) in which it will give subsidies of around Rs 2.5 lakh for people who are buying homes in the ‘affordable category’.
Source Link- https://ultra.news/.