NEW DELHI: Realty firm Puravankara Projects will invest Rs 500 crore in next 5 years on construction of its first housing project in Hyderabad.
The company’s affordable housing arm Provident Housing Ltd would develop 2,400 housing units in this project, which is being developed in partnership with the land owner.
The company today launched the first phase of project named ‘Kenworth by Provident’ comprising 400 units.
Prices of the units would be fixed on the book-building process. The company invited expression of interest (EOI) from the prospective buyers. Based on the buyers’ EOIs, the final launch price is expected to be announced tomorrow.
“The introduction of the book-building process will help customers ascertain a fair price, in a transparent manner,” company’s MD Ashish Puravankara said.
According to sources, the cost of the entire project, to be completed in the next five years, is estimated at Rs 500 crore.
As part of the joint development agreement, sources said Purvankara would share the sales revenue with the land owner in 70:30 ratio.
Last year, Puravankara Project has said it will launch 10 million sq ft of housing and commercial projects in the city over the next five years anticipating rise in property demand.
“As part of our 2020 growth strategy, we have identified Bengaluru, Mumbai, Chennai, Hyderabad and Pune as core markets for new acquisition of projects. Over the next five years, we will launch 10 million sq ft of new projects in Hyderabad,” he Puravankara had said.
Puravankara Projects Ltd has presence in Bengaluru, Kochi, Chennai, Coimbatore, Hyderabad and Mysore, Mumbai and Pune. It has 23.62 million sq ft of projects under development with additional 85.83 million sq ft in projected development over the next few years.