Puravankara Projects plans to invest Rs 3,000 cr in the affordable housing space. It is planning to invest around Rs 3,000 crore by 2012 to set up four affordable housing projects in Karnataka and Tamil Nadu.Of these four projects, one will come up on Mysore road in Bangalore by the end of this fiscal and another three projects will be launched in next financial year.
The company, presently, is executing an affordable housing project ‘Provident Welworth City’ on the Doddaballapur Road in North Bangalore in the price range of Rs 15 lakh to Rs 20 lakh per apartment and plans to launch another project on Mysore road area with an approximate investment of Rs 1,000 crore shortly.The company would not raise any money to fund these projects as fund flow from new bookings would be sufficient to take care of the operating cost. The company is also looking at setting up new projects in Tier-II and Tier-III cities under its affordable housing arm. The company is also looking at increasing the share of provident housing in its overall residential portfolio in the near future.