Realty firm Puravankara Ltd will invest over Rs 1,550 crore to construct a 3 million mixed-use project, mainly housing, at Kochi in Kerala as part of its plan to expand business amid rise in demand of apartments post the second wave of COVID-19 pandemic.
The company's subsidiary Provident Housing Ltd will develop 3 million square feet in the project, which is spread over 18 acres, named 'Provident Winworth' at Kochi.
Puravankara is expecting a sales realisation of about Rs 3,000 crore from this project over the next 6-7 years.
The company's Managing Director Ashish Puravankara said: "One of the driving forces behind Provident Housing is upending the notion that luxury and affordability are mutually exclusive. We are delighted to debut our first premium-affordable offering of Kerala in Kochi."
When contacted, Puravankara Ltd CEO Abhishek Kapoor said the company will develop 2.6 million square feet of residential area and 0.4 million square feet of commercial space in this mixed use project.
Asked about the project cost, Kapoor said the company will invest around Rs 1,550 crore on pure construction of this project. The land cost has not been included.
Mallanna Sasulu, the COO of Provident Housing Ltd, informed that the project will be developed in three phases. The first phase will comprise 519 apartments.
In December 2020, Puravankara had announced that IFC, a member of the World Bank group, and IFC Emerging Asia Fund will invest Rs 556 crore in its affordable housing platform to develop up to four projects.
"It will be the largest mixed-use development in Edappally with retail and commercial elements, making it inclusive and accessible," Kapoor said.
The project will be introduced in the market through an innovative 'Quasi Book Building' method. Fundamental demand-supply metrics will drive the price discovery process.
The pre-booking process offers comprehensive product information to prospective buyers, along with a 'price-band' for each type of unit. Expressions of interest (EOI) from prospective buyers help gauge the project's demand and achieve a data-driven pricing decision.
Puravankara Ltd has completed 75 projects measuring over 43 million square feet and over 24 million square feet of projects are under development. Currently, the total land bank of the company is over 58 million square feet.
Over the last 13 years, Provident Housing Ltd has launched around 21 million square feet of projects across 9 cities - Bangalore, Chennai, Hyderabad, Mumbai, Pune, Goa, Kochi, Coimbatore and Mangalore, out of which around 12 million square feet has already been delivered.
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