Provident Housing Limited, a subsidiary of Puravankara Group, plans to launch its first themed villament project, Provident Deansgate, in Bengaluru, with a projected top line of Rs 600 crore.
Villaments are independent units that are part of a larger complex comprising apartment blocks. These villas are claimed to have the benefits of a private accommodation such as privacy with the added advantages an apartment complex offers such as securities and other amenities.
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.
"We are planning to launch on December 10. However, homebuyers have already started enquiring about the pre-sales lapping up almost 30 percent of the project. Each villa will be priced at upwards of Rs 1.9 crore, and the inventories will include 1,900-1,950 sq ft garden townhouses and 2,100-2,200 sq ft terrace townhouses," chief executive officer Mallanna Sasalu told Moneycontrol.
The architecture of each townhouse will have distinctive features such as a square or rectangular shape, a symmetrical facade, and a pitched roof with dormer windows.
"The project is located just 3-4 km from the upcoming metro in North Bengaluru and also close to the Kempegowda International Airport, giving it a strategic location in Bengaluru," Sasalu added.
Launches in pipeline
Sasalu said that the company has already launched about 2 million square feet (msf) to date and is looking forward to launching about 3.3 msf by the end of FY24.
"We will be investing about Rs 1,150 crore with a revenue potential of Rs 2,250 crore across three projects, one in each in Bengaluru, Chennai and Kochi," he added.
In the second quarter of FY24, the company sold 1.06 msf, up 147 percent from 0.43 msf in the corresponding quarter of the previous year. The total sale value in the quarter stood at Rs 306 crore.
Out of the launches scheduled for the second half of FY24, Bengaluru will have about 1.4 msf. The ticket sizes will vary between Rs 55 lakh and Rs 1.2 crore, Sasalu said.
North Bengaluru to appreciate rapidly
North Bengaluru started as an industrial area about two decades ago. However, the construction of the new airport and the Manyata Tech Park were game changers that led to the development of several micro markets like Hennur Road, Jakkur, Yelahanka and Hebbal.
In the third quarter of CY 2023, North Bengaluru accounted for 26 percent of new launches in the city, up 62 percent sequentially.
Sasalu agreed that North Bengaluru is one of the fastest-growing real estate hubs in the city.
"East Bengaluru continues to be a top choice for new launches due to the established IT corridor. However, north continues to see growth today due to upcoming infrastructure projects like the metro," he added.
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