Provident Housing Limited, a subsidiary of Puravankara Group, has raised Rs 1,150 crore in investment from HDFC Capital to develop an additional 6.2 million square feet (msf) of new residential projects, the company said on April 25.
This will add to the ongoing 14.8 msf of projects with a combined gross development value of RS 17,100 crore, which will be delivered over the next five to six years.
"This strategic alliance with HDFC Capital marks a pivotal moment in Provident's journey towards growth and acquiring larger market share. With HDFC Capital's support, we are well-positioned to accelerate the development of new residential projects across India while delivering exceptional value to our customers and driving long-term shareholder value," said Mallanna Sasalu, CEO, Provident Housing Limited.
Last year November, the company launched its first themed villament project, Provident Deansgate, in Bengaluru, with a projected top line of Rs 600 crore. Located in North Bengaluru's IVC Road, the project has been conceived across 15 acres with 288 duplex villaments themed in Manchester architectural style. The total development potential of the project will be 6 lakh square feet with an investment of Rs 230 crore barring land costs.
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