Puravankara Housing enters plotted development space
The developer also plans to double its commercial and retail portfolio
Provident Housing, a 100% subsidiary of Puravankara, has forayed into plotted development in a bid to diversify its business.
Provident Woodfield located at Electronic City in Bengaluru, Karnataka, will be the first plotted development project by Provident Housing. The project will be spread over 20 acre and offer various plot sizes ranging between 1,200 and 2,400 sq ft.
The company currently builds luxury homes under Purvavankara Luxury, while premium affordable residences are under Provident Housing brand, launched in 2008.
Puravankara has completed and delivered 40 million sqft of projects while around 20 million sq ft of projects are under development across residential and commercial segments.
The developer also plans to double its commercial and retail portfolio to 10 million sq ft by 2023. Puravankara has already acquired land in Bengaluru, Mumbai, Pune and Hyderabad to expand its commercial portfolio.
The developer plans to launch 8.7 million sq ft over the next three quarters, most of it under its premium affordable housing segment, Provident.