Provident Housing to launch 5.8 mn sq ft of inventory worth ₹3,800 crore by end of this fiscal

Provident Housing expected to launch 5.8 mn sq ft of inventory worth ₹3,800 crore by end of the fiscal.

Published on: Dec 6, 2023, 20:12:37 IST

By Vandana Ramnani

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Bengaluru-based real estate developer Puravankara Limited’s community housing arm, Provident Housing Limited, is expected to launch 5.8 mn sq ft of inventory worth ₹3,800 crore by end of the fiscal in markets such as Bengaluru, Kochi, and Chennai, the company’s chief executive officer Mallanna Sasalu said on December 6.

The company has launched inventory worth ₹1,300 crore so far in North Bengaluru this year, spread across 1.6 mn sq ft.

The company had announced that it intends to come up with five housing projects valued at over ₹3,800 crore by the end of the financial year. It has so far launched two projects in North Bengaluru. The remaining three projects are expected to be launched in Bengaluru (Q3FY24), Chennai (Q4FY24), and Kochi (Q4FY24).

The five projects are expected to be completed in the next three to five years, he said.

He told reporters that there are no plans to foray into Delhi-NCR. “We are not exploring more cities,” he said.

He said that the definition of affordable housing has changed as land costs have gone up. Provident Housing constructs homes in the budget of ₹45 lakh to ₹1.2 crore.

Asked to react to the news that the company is in talks with HDFC Capital Advisors to secure more than ₹1,000 crore for expansion, he said that “Nothing has been concluded so far” and that the company is currently in talks with seven to eight investors.

To a question on whether the company has plans to be listed independently, he said that "it is premature to discuss the issue. We are in the process of building the business to larger possibilities. Anything is possible at the appropriate time."

Provident Housing currently has projects spread across an area of 12.5 mn sq ft under construction and contributes around 50 percent to the Puravankara Group. In 2020, the IFC Emerging Asia Fund invested close to $76 million in Puravankara Group to ramp up its affordable housing projects in the country.

ABOUT THE AUTHOR
Vandana Ramnani
Vandana Ramnani leads the real estate vertical at Hindustan Times Digital, bringing over two decades of journalism experience across real estate, education, human resources, and foreign affairs. She specialises in India’s real estate sector, covering residential and commercial markets in Delhi-NCR, Mumbai, and Bengaluru, with in-depth reporting on regulatory developments, urban policy, housing trends, and interviews with industry leaders. Her work has also appeared in the Hindustan Times newspaper and HT Estates. Earlier, Vandana played a key role in establishing the real estate vertical at Moneycontrol (NW18 Group), shaping its editorial direction and market coverage. She has also written extensively on international education for HT Education, tracking global study destinations, policy changes, and student mobility trends, earning the Singapore Education Award 2009 for Best Media Coverage (Print). Her reporting portfolio includes human resources and employment trends for HT ShineJobs and PowerJobs, as well as lifestyle and interior design features for HT Premium Homes. Vandana began her career with the Press Trust of India, gaining strong editorial and reporting expertise. She was also selected for a prestigious fellowship at Fondation Journalistes en Europe in Paris, where she wrote for EuroMag. One of her notable reporting assignments included covering Germany’s capital relocation from Bonn to Berlin. Outside of journalism, Vandana is a passionate traveller, constantly seeking out charming hideaways across India and the lesser-known, offbeat corners of Southeast Asia.Read More

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