Realty firm Puravankara Ltd. will invest around Rs. 420 crore for construction of two residential projects in Mumbai and Bengaluru and is targeting over Rs. 1,250 crore sales revenue over the next four years from these properties on the back of rising housing demand.
The company recently launched two projects -- 'Provident Palm Vista' located near Shil Phata, Mumbai with one million square feet of saleable area and 'Tivoli Hills' located near Devanahalli, Bengaluru having a total saleable plot area of about 1.4 million square feet.
"We are introducing our affordable housing brand 'Provident' in Mumbai market. We will build this project in JDA (Joint Development Agreement) model," Puravankara CEO Abhishek Kapoor told PTI.The company's economic interest in the 'Provident Palm Vista' project is nearly 69 per cent.
In this project, Kapoor said the company is likely to sell units in a price range of Rs. 40-80 lakh.
Earlier this year, Puravankara re-entered the Mumbai market to develop a premium mixed-use project in the city at a cost of Rs. 450 crore. The group had developed real estate projects in 1970s under a different brand. In the project 'Purva Clermont' located in Chembur, the company is developing four residential towers with 233 units and one commercial tower of 79 units.
That apart, Puravankara is launching a new project in Bengaluru where it would sell plots, which have been in great demand of late across the country, in a price range of Rs. 50 lakh to Rs. 1.5 crore.
Asked about the project cost, Kapoor said the total investment on construction is estimated at nearly Rs. 70 crore for the Bengaluru project and around Rs. 350 crore for the Mumbai project.
The total sales value of these two projects are estimated at over Rs 1,250 crore, he added.
Kapoor said the company is looking to acquire more projects through outright purchase of land and JDAs across five focus markets -- Bengaluru, Mumbai, Pune, Chennai and Hyderabad.
Puravankara has completed 74 projects measuring over 42 million square feet area and over 22 million square feet of projects are under development.
Currently, the total land bank of the company is close to 65 million square feet.
During the current fiscal year, Puravankara Ltd plans to launch 15 million square feet area, of which seven million square feet will be under Provident brand, 3.5 million square feet under premium brand 'Puravankara' and four million square feet of plotted development under 'Purva Land' brand.
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