Purvankara cashes in on realty boom; big launches cued

Buoyed by the general uptick in the sentiments in real estate across the south, real estate giant Puravankara is busy chalking out new launches.

Bangalore based realty player Puravankara’s sales have been on a run with demand in the Bangalore real estate market is on the rise. In addition, policy benefits from the new Modi government have added a feather in its cap indicating the affordable housing segment, a space Puravankara ventured into a few years ago through its subsidiary Provident, is going great guns.

Ashish Puravankara, Joint MD, Puravankara Group says, “Recent thrust given by RBI and budget in terms of increasing the benefits on interest from 1.5 to 2 lakhs and also benefit on principle as well will only boost and support people in buying homes.”

All this has prompted the developer to chalk out more new launches over the next one year and the focus is on affordable housing. Of the 28 million sq ft it has under development, Purvankara will develop 18 million sq ft under its traditional luxury housing segment, and 10 million sq ft under the provident banner. "We have 10.5mn sq ft under Provident and over 9million sq ft under Purvankara,” he says adding that Purvankara launches will be across Bangalore, Chennai, Cochin but more provident in Bangalore and Hyderabad.