News

Eleven Residential Projects to be developed in India

Bengaluru-based realtor Puravankara Group has its hands full even during COVID-19. The company plans to launch 11 residential projects spread across a total area of 10.23 million square feet area in Bengaluru, Pune, Mumbai, Cochin, and Chennai this fiscal. All future projects would be launched under its two brands – Puravankara, the luxury offering and Provident, the premium affordable housing brand. The company is expecting revenue of over Rs. 6,000 crore from its new launches with an average realisation of Rs. 7,500 per square foot from Puravankara projects (2.67 million sqft) and Rs. 5,500 per sqft from Provident projects (7.56 million sqft). The company launched two projects during the height of the pandemic in June – Purva Atmosphere and Provident Woodfield. These were earlier planned for a launch in March. The company is also expected to launch 10 mn. sq. ft. in commercial space. These would primarily be in Bengaluru and Hyderabad. These launches were planned for FY21 and most of them will take place in the second half of the year as different phases of unlock are taking place post the COVID situation. All our deadlines are as per timeline shared with RERA,” Abhishek Kapoor, COO. Given the continued investments and impetus in the affordable housing segment, “Provident will account for a substantial portion of our new launches and this will remain a significant value driver for us. All projects are expected to meet the construction timelines set under RERA. All our deadlines are as per timeline shared with RERA. When we set a timeline for completion of the construction (of a project), we always factor in additional time to absorb any delays due to unavoidable situation. This has helped us in completing our projects on time so that we can meet the project handover deadline we have committed to our customers.