Real Estate / Housing
Status: Planning Stage
Promoter: Provident Housing, a wholly owned subsidiary of Puravankara Group
Project: Plans an affordable housing project
Location: Poonamallee, dist. Tiruvallur, Tamil Nadu
Project Details: The project will come up in 3 phases. The Group has acquired around 31.69 acres of land with a development of 3.3 million sq.ft. The acquisition cost of land is Rs. 1.1 billion. 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 project would be developed under the ‘Provident’ brand and will offer an optimum mix of 1, 2 & 3 BHK apartments. The group has entered into private equity partnerships for its new acquisitions. According to media reports, the firm has raised Rs. 825 million from private equity (PE) firm ASK group to fund this land deal. ASK Group may invest more in this project if required.