Provident Housing and Infrastructure Ltd, a wholly owned subsidiary of the Bangalore-based Puravankara Group, is set to unveil its first affordable housing project in Bangalore.
“We are set to launch our first affordable housing project in Bangalore in January 2009. Initially, we are targeting Bangalore where we will be launching three new projects. Then we are looking at Chennai, Coimbatore and Cochin,” said Ashish Puravankara, director, Puravankara Group. Puravankara already has 105 acres in Bangalore which it would use for the project.
Earlier, in August 2008, the company has earmarked an investment of Rs 8,000 crore to set up affordable homes through its wholly owned subsidiary Provident Housing and Infrastructure Ltd. The funds for these projects will mainly be generated through private equity, the company had said. Meanwhile, it is also looking at internal accruals and customer advances.
The prices of Provident Homes, which are to be developed in a phased manner, are presently priced at Rs 10 lakh, Rs 15 lakh and Rs 20 lakh comprising one, two and three bedroom homes respectively.
Under phase I, Puravankara will cover Bangalore, Chennai, Hyderabad, Coimbatore and Mysore, while in phase II, it will go to cities such as Delhi, Kolkata, Kochi, Jaipur, Pune and Nagpur.
“Major expansion will be seen in our Provident Housing where we will really give a big push in the next couple of years,” Puravankara added.
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