Puravankara to invest Rs 850 crore to build 3 luxury housing projects in Bengaluru, Chennai, Mumbai

Puravankara Ltd, a realty firm plans to invest around Rs 850 crore (US$ 121.6 million) over the next four years to develop three ultra-luxury residential projects in Bengaluru, Chennai and Mumbai.

Puravankara which is based in Bengaluru will develop these three ultra-luxury residential projects under a new brand 'World Home Collection'.  Apartments are sold by the company under brand name Puravankara whereas affordable homes are under Provident brand. Under these three projects, Puravankara intends to develop a total of 1,460 units with a built-up area of 2.2 million sq. ft. and an estimated cost of around Rs 850 crore (US$ 121.6 million).

"We have launched a new residential line 'World Home Collection' in the ultra-luxury space. The new brand is targeted at a niche demographic to provide sustainable, futuristic and exclusive homes," the company's MD Mr Ashish Puravankara said. 

"The evolved home buyers in 2020 will be looking for homes with a holistic living experience. Luxury for today's home buyers do not mean marble floors or chandeliers on the ceiling," he added.

The first project 'Purva Atmosphere' was launched recently in Bengaluru which comprises of around 1,050 apartments. The construction work for the second project 'Sommerset House', consisting of 180 units, has started in Chennai though the sales have not been opened yet.

The third project is expected to be launched by March 2020. This project is based in Chembur, Mumbai and has around 240 units. The project in Bengaluru is under joint development, while those in Mumbai and Chennai would be company owned.

The company offer more green areas and state-of-the-art home technology under this brand and the price of an apartment is set above Rs 1 crore (US$ 0.14 million). For the Bengaluru project, the company plans to provide pure drinking water from tap as well install an air purification tower.
The company had posted a 28 per cent growth in consolidated net profit at Rs 27.5 crore (US$ 3.93 million) for the September quarter on higher sales. Total income for the second quarter rose to Rs 623.81 crore (US$ 89.26 million) from Rs 499.28 crore (US$ 71.44 million) in the corresponding period of 2018-19.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.