Puravankara said that Provident Housing (PHL), a 100% subsidiary of Puravankara Group, will be debuting in Kerala with its first residential offering Provident Winworth in Kochi.
The project value of the same is Rs 3000 crore. It is one of the four projects for which Provident has received an inflow of capital from the International Finance Corporation (IFC) and the IFC Emerging Asia Fund.
Over the last decade, Kochi has evolved into a highly desirable residential destination. The budding IT landscape, thriving commercial centres, and admiration for art and cinema have truly transformed the city into an urban utopia.
The changes within the metropolis are evident in the aspirations of its residents. With its latest offering, Provident Housing aims to fulfil these emerging needs of the new‐age consumer.
Ashish Puravankara, Managing Director, Puravankara Limited, said, One of the driving forces behind Provident Housing is upending the notion that luxury and affordability are mutually exclusive. We are delighted to debut our first premium‐affordable offering of Kerala in Kochi. Over the last few years, we have witnessed the city scale its infrastructure and simultaneously position itself as a cultural capital.
With this new venture, we aim to create a landmark in the city while providing an unmatched living experience for its residents.
With Abhishek Kapoor, the CEO, Puravankara Limited and our newest leader, Mallanna Sasulu, the COO, Provident Housing Limited, I am confident that the project will be a tremendous success. I am excited to begin our new chapter in Kerala.
Abhishek Kapoor, CEO, Puravankara, said, Provident Winworth is a balanced intersection of architectural value and the city's ambition. It will be the largest mixed‐use development in Edappally with retail and commercial elements, making it inclusive and accessible."
The project will be introduced in the market through an innovative Quasi Book Building method. Fundamental 'demand‐supply' metrics will drive the price discovery process. The pre‐booking process offers comprehensive product information to prospective buyers, along with a 'price‐band' for each type of unit. Expressions of interest (EOI) from prospective buyers help gauge the project's demand and achieve a data‐driven pricing decision.
Provident Housingvis one of the pioneers of premium, affordable homes. The company has Bengaluru, Hyderabad, Mumbai, Pune, Chennai, Kochi, Goa, Coimbatore and Mangalore projects. Puravankara is a real estate conglomerate headquartered in Bengaluru with a pan India presence.
Puravankara's consolidated net profit declined 90.77% to Rs 1.23 crore on a 13.97% fall in sales to Rs 220.60 crore in Q3 FY22 over Q3 FY21.
The scrip lost 0.12% to currently trade at Rs 123.20 on the BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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