October 18, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Provident Housing forays into Mumbai market with affordable housing project

Provident Housing Limited (PHL) has forayed in the Mumbai market with its maiden affordable housing project, Provident Palm Vista in Mumbai.

The latest project of PHL is located in Kalyan, an emerging residential hotspot in Mumbai. Over the last few years, Mumbai has harboured a rising demand for premium affordable housing from branded developers.

“We are deeply committed to making homeownership an inclusive and achievable dream for millions of individuals across the country. After delighting close to 20000 customers, we are excited to expand our footprint in Mumbai and have a transformative impact on the vibrant metropolis. This new venture of Provident Housing Limited will enable thousands of homebuyers to have improved access to affordable luxury housing in planned and green urban spaces,”Ashish R. Puravankara, Managing Director, Puravankara Limited, said.

Over the last 12 years, 21 msft of projects have been launched across Bangalore, Chennai, Hyderabad, Mumbai, Pune, Goa, Kochi, Coimbatore and Mangalore, out of which 12 msft has been delivered.

“We began our journey here in 1975. I am delighted to be back here to mark yet another milestone in our company’s history. We are confident that our unmatched infrastructure, timeless designs, intelligent amenities, and sustainability-led innovations will spur growth in the region’s real estate,” he said.

Puravankara Limited has envisioned an ambitious pipeline over the upcoming quarters. In FY22, it plans to launch close to 15 msft. Out of this, Provident Housing Limited accounts for 7 msft. The flagship brand Puravankara will account for 3.5 msft. On the other hand, its plotted development arm, Purva Land, will see close to 4 msft.

The company has completed 74 projects measuring over 42 million sqft, and over 22 million sqft of projects are under development. Currently, the total land bank of the company is close to 65 million sqft.

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