The Hindu : Business : Puravankara plans affordable homes

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Thursday, Aug 14, 2008
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Puravankara plans affordable homes

MUMBAI: Leading real estate player Puravankara Projects has announced its foray into the affordable premium housing segment with the launch of its 100 per cent owned subsidiary,

Provident Housing and Infrastructure. Jayakar Jerome will be the Managing Director of Provident Housing and Infrastructure, while the Puravankara Group head, Ravi Puravankara, will be the Chairman of the company.

Phase I to cover 5 cities

According to a company statement, in the first phase, the affordable housing project will cover Bangalore, Chennai, Hyderabad, Coimbatore and Mysore where 64,500 homes with a total built-up area of 59.8 million sq. ft. will be constructed over the next five years at a cost of Rs. 8,000 crore. The funding for the Phase-I projects will be through construction debt and customer advances amounting to Rs. 6,500 crore, with internal accruals and equity sourcing accounting for the balance Rs. 1,500 crore which will be used for land acquisitions.

In the second phase, Provident’s footprint will cover cities like Delhi, Kolkata, Kochi, Jaipur, Pune and Nagpur. The prices of the Provident homes, which are to be developed, are now priced at Rs. 10 lakh, Rs. 15 lakh and Rs. 20 lakh and comprise one, two and three-bedroom homes.

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