Puravankara Group has entered into Private Equity Partnerships for its new acquisitions. The Group has now commenced its foray into strategic Private Equity partnerships to meet its growth objectives, strengthen its Balance sheet and leadership position. Private Equity investments will also allow the Group’s ability to expand its geographic reach, enhance service offerings and grow the business in support of customer needs.
The Group has acquired around 31.69 acres of land in Chennai’s prime location, Poonamallee with a developmental potential of 3.3 million sq feet. The project will be developed under the brand ‘Provident’ in 3 phases, to provide premium affordable housing. The acquisition cost of land stands at Rs 110 crore. The project is expected to be launched with all statutory approvals by the end of this financial year, with a target construction completion within 60 months. The average selling price of the units would be in the range of Rs. 4,500 per sq feet, and the project is expected to generate revenues of Rs 1,500 crore.
Puravankara Projects is a leading real estate company in India, with significant presence in Bengaluru, Kochi, Chennai, Coimbatore, Hyderabad and Mysore.
