Provident Housing to build new projects

Chennai: Bangalore-based Provident Housing and Infrastructure has decided to invest over Rs 900 crore in two projects at Chennai and Bangalore.

The company has recently launched Provident Cosmo City, a Rs 310 crore affordable housing project, in Chennai and would launch one more project worth Rs 600 crore in Bangalore.

Provident Housing was floated in August 2008 by Puravankara Projects to focus on affordable housing across the country.

The Chennai project is coming up on 31 acres at Pudupakkam, near the Siruseri Software Park. The total number of flats will be 2,174.

Also, the company had acquired 54 acres in the city to construct around 4,000 apartments.

Both the project would commence by April end and take 24 months to complete.

The company would invest in both the projects through debt and equity.

The company would also look at launching projects at Coimbatore, Kochi, Hyderabad, Mysore and Pune.