Provident launches affordable housing project in Bangalore
First phase of the project with 1,000 flats to be ready for possession in 12 months
Even as builders are lining up to establish themselves in the affordable housing segment, Purvankara Group’s fully owned subsidiary, Provident Housing Limited on Wednesday, announced the launch of its first flagship affordable housing project in the city — Welworth City — on Doddaballapur main road Yelahanka, about 16 kilometres from Jakkur airport on Bellary road.
Provident, which launched its first affordable housing project in Chennai three months ago, said that Welworth City with 3,600 premium flats would be availble for possession in the next 28 to 30 months. Built across 44 acres of land at an estimated cost of Rs 800 crore (including land cost), the self-contained township has broken the trend of cramped room by promising a carpet area of 83 per cent. The firm also claims of using only 26 per cent of the 44 acre land as the built up area, leaving 74 per cent open area for.
Announcing that the first phase of the project — with about 1,000 flats will be launched in the next 12 months, the firm said that the funding for the project will come through internal accrual, construction debt and advances from customers. Further, Provident claims that the property title will come with no hassels — as all approvals have been obtained.
Hassel-free buying
“We have already got the project cleared at various levels including the Bangalore International Area Planning Authority (BIAAP) an equivalent to Bangalore Development Authority (BDA), which makes it easier for the end-customer and also adds on as a value to the project and enables faster credit flow,” Provident Housing Limited Managing Director Jayakar Jerome said. The cost of each flat is indeed affordable with a two bedroom and hall (2BHK) house costing Rs 14.90 lakh and the three bedrooms (3BHK) variants costing Rs 18.90 lakh and Rs 20.90 lakh. The propety boasts of facilities like lifts, playing area, swimming pools, gyms, multipurpose hall, super market etc. For covered parking one will have to pay Rs 1.50 lakh and open parking Rs 75,000.
Moreover, the consumer might have to pay an additional amount of Rs 2 lakh (approximately) for registration, taxes and some permissions.
At the time of booking, which will open in a few weeks, a customer will have to pay Rs 1 lakh as booking fee and further, he would have to pay 15 per cent of the cost (including booking amount) while entering into an agreement. talking to the media Puravankara Director Ashish Puravankara said, “We are taking money in phases and no in advance.
Customers will be asked to pay as per the completion schedule of the project.”
