Puravankara to launch 14 new projects

Bengaluru- based realty firm Puravankara Ltd has planned to launch 14 new projects in the next 12-15 months with an investment of about Rs. 3,200 crore in construction over the next five years. The developer will launch six new projects under its low- cost housing brand 'Provident' and the rest under premium 'Puravankara' brand. "We will be launching 14 projects, comprising about 15 million sq ft of developable area and nearly 15,000 housing units, by the end of next year. Out of total planned launches, he said 10.32 million sq ft will be affordable housing under the Provident brand. The property market has stabilised post implementation of new realty law RERA, GST and note ban and therefore, the company has decided to launch several projects across key cities,” MD Ashish R Puravankara said. These 14 projects will be spread across five locations -- Bengaluru, Chennai, Mumbai, Pune and Goa. Of the 14 projects, 13 are residential and one commercial. The company has tied up with land owners for the development of all these upcoming projects, except one. Puravankara said it would spend more than Rs 3,200 crore over the next 4-5 years. The company would spend Rs 1,000 crore in the next one year to complete the ongoing projects comprising nearly 22 million sq ft area. Apart from the five locations, Puravankara has presence in property markets of Hyderabad, Kochi, Coimbatore, Mysore and Mangaluru. The company has so far completed 57 residential projects and 4 commercial spanning 34.06 million sq ft.