Realty firm Puravankara Ltd will invest Rs 350 crore for the construction of its affordable housing project in Mumbai launched on October 13 under the Provident brand, the company said.
To be called Provident Palm Vista, the project is located near Shil Phata, Mumbai and has a saleable area of one million square feet, the company said.
The company plans to construct this affordable housing project on a Joint Development Agreement model and the units would be in the range of Rs 40 lakh to Rs 80 lakh, it said.
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Since its inception in 2008, Provident Housing Limited has pioneered and championed the premium affordable housing segment of the country. Over the last 12 years, around 21 msft of projects have been launched across Bengaluru, Chennai, Hyderabad, Mumbai, Pune, Goa, Kochi, Coimbatore and Mangalore, out of which around 12 msft have been delivered.
The latest project of PHL is located in Kalyan. Over the last few years, Mumbai has harboured a rising demand for premium affordable housing from branded developers.
“We are committed to making homeownership an inclusive and achievable dream for millions of individuals across the country. After delighting close to 20,000 customers, we are excited to expand our footprint in Mumbai and have a transformative impact on the vibrant metropolis. This new venture of Provident Housing Limited will enable thousands of homebuyers to have improved access to affordable luxury housing in planned and green urban spaces,” said Ashish R. Puravankara, Managing Director, Puravankara Limited.
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Puravankara Limited plans to launch close to 15 msft in FY22. Out of this, Provident Housing Limited accounts for 7 msft. The flagship brand Puravankara will account for 3.5 msft. On the other hand, its plotted development arm, Purva Land, will see close to 4 msft.