NEW DELHI: Realty firm Puravankara Ltd will invest about Rs 40 crore to construct its new mixed-use managed residences tower in Pune. The Bengaluru-based Puravankara in November 2014 had formed a joint venture with Pune-based Oxford Group and Mumbai-based EKTA World to develop a 30-acre project.
In March, Puravankara had launched 500 housing units in the first phase. Now, the company has launched a new tower where it would develop 150 residences and about 40 retail shops with a built up area of about 1.5 lakh sq ft. The price of these residences will be Rs 25-31 lakh. The construction work on this tower will start next month and the project would be completed in the next 40 months. The construction cost of this tower is about Rs 40 crore, Puravankara Ltd’s MD Ashish Puravankara said.
The managed residences would be designed like hotel/ service apartment rooms. The company would partner with a leasing company to assist owners in renting these homes. “Leveraging the presence of several IT and BPO companies in the city, Pune has witnessed rapid growth in real estate especially in areas like Karadi and Mundhwa. Pune is a key market for our residential projects and we are delighted to launch our managed residences block of Manhattan Pods and Condos,” Puravankara said.
The managed residences would be an attractive opportunity to customers who are keen on investing in small and compact apartments, he said.
Puravankara Ltd is a leading real estate company in India, with presence in Bengaluru, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Mumbai and Pune. The company has 21.72 million sq ft of projects under development with additional 78.42 million sq ft in projected development over the next few years.
Credits ET Realty