Provident Housing, a wholly owned subsidiary of Puravankara Projects, is set to launch India's largest residential township project. Puravankara aims to generate Rs 25 billion in revenue through this upcoming housing project in Bangalore.
"Provident Sunworth is a 6 million square feet project spread over 60 acres, located off Maysore Road near the NICE ring road junction in Bengaluru, within driving distance from Electronics city, Industrial hubs and the IT corridor. The company is embarking on similar initiatives in other cities across the country, including Mumbai and Delhi," the company said.
The prices are 20-25-30% lower than offerings in the specific micro market, it said. The new project, Provident Sunworth, encompasses 2 BHK units priced at Rs. 29.75 lakhs and 3 BHK priced at Rs. 35.96 lakhs, all inclusive.
Commenting on the plans, Ashish Paravankara, joint managing director, Puravankara (Q,N,C,F)* Projects, said, "Provident was conceived from the vision to deliver premium homes at affordable prices. While the premium housing segment was the deliver of real-estate sector in the past decade, I am convinced that the premium afordable housing segment will be the catalyst of growth in the coming years. As such, I foresee significant opportunity to take the Provident propasition beyond metros, to Tier 1 and 2 cities as well."
Shares of the company gained Rs 2.3, or 2.4%, to trade at Rs 98.20. The total volume of shares traded was 92,655 at the BSE (1.35 p.m., Thursday).