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Puravankara launches new project

Corporate Reporter


To invest Rs.1,700 crore in three phases with a debt component of Rs.225 crore


— PHOTO: BIJOY GHOSH

Ashish Puravankara (left), Joint Managing Director, Puravankara Projects, with Jackbastian Nazareth, CEO, at a press conference in Chennai on Tuesday.

CHENNAI: Puravankara Projects announced the launch of a new property, Purva Windermere, in Chennai.

Located in Pallikaranai over a 55-acre land, the apartments are designed keeping in mind the tropical climate with spacious and large sit-outs.

Addressing presspersons here on Tuesday, Ashish Puravankara, Joint Managing Director, said the well-planned layout offering 77 per cent open space would have more than 2,650 apartments ranging from 616 sq. ft. to 2,707 sq. ft.

Other amenities included two clubhouses, swimming pools, outdoor sport facilities, provisions for supermarkets and parlours, Mr. Ashish said.

The company has announced a price of Rs. 3,299 per sq. ft. as inaugural offer for the apartments.

The cost of the project was estimated at Rs. 1,700 crore in three phases with a debt component of Rs. 225 crore, according to Jackbastian Nazareth, Chief Executive Officer.

The 35-year-old company was on a consolidation mode last year when the industry was going through recession, Mr. Nazareth said. It had so far completed 36 residential/ commercial projects across Mumbai, Bangalore and Chennai and presently engaged in developing 16 more projects.

Till date 6,500 homes have been handed over to end-users, Mr. Jackbastian Nazareth said.

The company's wholly-owned subsidiary, Provident Housing, established to cater to the mid-segment housing, was developing two large projects comprising 5,500 units in Chennai and Bangalore.

The group began its operations in Mumbai and has established a considerable presence in the real estate sector in the metropolitan cities of Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore and overseas in Dubai and Colombo.

Puravankara has obtained foreign direct investment in real estate industry through its joint venture with Singapore-based Keppel Land Limited, the property arm of the 54 per cent government-owned conglomerate, Keppel Corporation Limited.

The joint venture is currently developing two projects in Bangalore and Kolkata.

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