Puravankara To Develop 15 Million sq ft Across Affordable & Luxury Segment
Puravankara has a robust plan for development in the next 12-15 months. Last year, we saw completion of most projects that were launched 2-3 years back. But the coming 12-15 months will witness several new launches across markets. Their focus markets will be Pune, Mumbai, Bangalore, Hyderabad, Goa and Chennai. They are going to develop about 15 million sq. ft of land across affordable and luxury segments.
Puravankara Limited, one of India’s leading listed real estate company headquartered in Bengaluru embarked on its remarkable journey by offering quality homes. Puravankara caters to the premium end of the spectrum. Puravankara has a presence across India – Hyderabad, Bengaluru, Chennai, Kochi, Coimbatore, Mangalore, Kolkata, Mumbai, Pune and Goa with an overseas presence in GCC and Sri Lanka.
The Managing Director of Puravankara Limited said real estate industry experienced its share of change this year with demonetization and the introduction of policy reforms which consisted of RERA and GST. The growth curve of the industry saw a gradual drop in terms of sales and enquiries, creating a temporary market slow down. During this phase, customers treated with greater caution when it came to the buying of new homes.
Real estate market picked up pace with a positive vigor in terms of renewed consumer confidence which lead to an increase in new property bookings for the remaining part of the year.
Group, has completed 57 residential projects and 4 commercial projects spanning 34.06 million sq ft. The area under development totals to 21.64 million sq ft and the upcoming projects total to 23.11 million sq ft.
Realizing the burgeoning need of high-quality affordable homes in the country, they launched Provident Housing Ltd., a wholly-owned subsidiary of Puravankara, in 2008 to meet the aspirations of mid-income and first-time home-owners. Out of total planned launches, 10.32 million sq ft will be affordable housing develop under the Provident brand in the next few quarters.
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