Puravankara unveils Rs 8,000-cr projects
Real estate firm Puravankara Projects on Wednesday launched Provident Housing and Infrastructure, a 100 per cent subsidiary, to sell its 64,500 homes coming up in five southern cities.
By ET Bureau |
MUMBAI: Real estate firm Puravankara Projects on Wednesday launched Provident Housing and Infrastructure, a 100 per cent subsidiary, to sell its 64,500 homes coming up in five southern cities. The company is targeting the middle class and first time home buyers, company officials said.
The housing project will initially cover Bangalore, Chennai, Hyderabad, Coimbatore and Mysore, where 64,500 homes with a total built up area of 59.80 million sq ft will be constructed over the next five years at a cost of about Rs 8,000 crore. In phase II, Provident will also cover cities like Delhi, Kolkata, Kochi, Jaipur, Pune and Nagpur.
The funding for these phase I projects will be through construction debt and customer advances amounting to Rs 6,500 crore, with internal accruals and equity sourcing of Rs 1,500 crore, Jayakar Jerome, managing director, Provident Housing said.
The housing project will initially cover Bangalore, Chennai, Hyderabad, Coimbatore and Mysore, where 64,500 homes with a total built up area of 59.80 million sq ft will be constructed over the next five years at a cost of about Rs 8,000 crore. In phase II, Provident will also cover cities like Delhi, Kolkata, Kochi, Jaipur, Pune and Nagpur.
The funding for these phase I projects will be through construction debt and customer advances amounting to Rs 6,500 crore, with internal accruals and equity sourcing of Rs 1,500 crore, Jayakar Jerome, managing director, Provident Housing said.
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