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Provident's and premium affordable housing

Dec 21, 2012, DHNS:

PROPERTY LAUNCH,

Provident Housing Limited, a wholly owned subsidiary of Puravankara Projects Limited, is set to launch ‘Provident Sunworth’, a six-million-square-feet project spread over 60 acres, strategically located off Mysore Road near the NICE Ring Road junction in Bangalore, within driving distance from Electronics City, industrial hubs and the IT corridor. The company is embarking on similar initiatives in other cities across the country, including Mumbai and Delhi.

Puravankara established Provident brand in 2008, in response to burgeoning demand for mid-income housing. The proposition is not low-cost housing, but ‘premium affordable’ housing. These are premium homes built to sell at affordable prices, following a value-engineering process that reins in costs. The prices are 20-25 per cent lower than offerings in the specific micro-market.

The new project, Provident Sunworth, encompasses 2 BHK units priced at Rs 29.75 lakh
and 3 BHK priced at Rs 35.96 lakh, all inclusive. Provident projects are equipped with all modern attendant facilities multiple club houses, swimming pools, gymnasium, walking tracks, landscaped gardens, play areas, super markets et al., encapsulating community living at its best.

Provident’s other projects include Welworth City and Harmony in Bangalore and Cosmo City in Chennai. Commenting on the plans, Ashish Puravankara, Joint Managing Director, Puravankara Projects Ltd., said, “Provident was conceived from the vision to deliver premium homes at affordable prices. †

While the premium housing segment was the driver of real-estate sector growth in the past decade, I am convinced that the premium affordable housing segment will be the catalyst of growth in the coming years. As such, I foresee significant opportunity to take the Provident proposition beyond metros, to Tier 1 and 2 cities as well.”

Madhu V, Managing Director, Provident Housing Limited added, “The group’s immediate expansion plans include launches in Mangalore, Coimbatore, Hyderabad, Mysore and Chennai besides the addition of two more projects in Bangalore.”

The project, Provident Sunworth, has a design inspired by the energy the sun emanates. The master plan is designed such that the outdoor amenities, open spaces, lawns and gardens have abundant access to sunlight and fresh air. The roads of the township are wide and minimum gap between two buildings is 75 ft. All the residential building blocks have been designed in cross-sections, which give ample sunlight in common areas and lobbies.


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