Hyderabad: Bengaluru-based affordable housing company Provident Housing (PHL), a group firm of Puravankara Ltd, plans to expand its business in Hyderabad and Pune markets to tap the growing market opportunity.
“We are currently looking at 4 to 5 parcels of land in Hyderabad. The talks are still at the initial stages... Hyderabad has become attractive for real estate developers because of faster decision-making and the government’s focus on attracting more investment to the city,” said Mr Veeraraghavan N., president, operations, Puravankara Ltd.
Provident, he said, is focusing on affordable housing in all three IT focused cities — Hyderabad, Pune, and its original hub Bengaluru. Provident Housing started only for affordable housing 8 years back. First one started in Bengaluru.
Mr Veeraraghavan said the company plans to handover 1,000 apartments in the phase-1 of its Hyderabad project Puravankara Provident Kenworth in Rajendra Nagar by March 2019.
Explaining the company’s plans in the affordable housing, he said, “We plan to invest Rs 3,000 crore in affordable housing in the next few years. In the next one year, 15 million square feet would be in affordable segment. It is going to be in Bengaluru, Chennai, Pune, and Hyderabad.”
He said the company has already signed up large parcels of land in Pune. “We have also taken up one million square feet project in Mumbai for affordable segment, which we will start in 5-6 months,” he said.
