Provident Housing enters Coimbatore city with 'Provident Greenpark' project

COIMBATORE: Provident Housing, a wholly- owned subsidiary of real estate developer Puravankara Projects, today launched 'premium affordable' homes in the city.

The township, spread across nine acres, is located at Selvapuram in the city, Jackbastian K Nazareth, Group CEO, told reporters here.

The 560-unit project is equipped with modern amenities such as swimming pool, clubhouse, gymnasium, supermarket, and children's play area, Jackbastian said.

When asked about the company's timing of entry into the city, when the overall economic scenario is still gloomy, he said, being a reputed developer, the company has sold apartments in Chennai and Bangalore during the peak of recession and "we are confident of selling all the 'premier affordable' homes comfortably in the city."

The Provident Greenpark, entails one bedroom units of 542 sq ft area priced at Rs 17.29 lakh onwards, two bedroom units of 886 sq ft area priced at Rs 28.87 lakh onwards and three-bedroom units of 1,208 sq ft area priced at Rs 38.82 lakh onwards.

To a question on the impact of the proposed Land Acquisition Bill on real estate sector, Madhu V, Managing Director, Provident, said it would result in escalation of land prices.

Talking on the impact of reduced home loan interest rates on the real estate market, he said, it is always a positive impact whenever the rates decrease.

However, a reduction of 25 or 50 basis points would not have the expected results, since the people, who have decided to buy would not bother about the hike or reduction of interest rates, he said.