Puravankara Seeks To Create Up To Rs 2,000 Crore Realty Fund
Realty firm Puravankara plans to set up a real estate fund of up to Rs 2,000 crore to develop affordable housing projects in Bengaluru, Mumbai, Pune, Chennai and Hyderabad.
Buoyed by healthy sales bookings of over Rs 1,100 crore till December in the current fiscal, the company has lined up the launch of 15 new projects by March next year entailing an investment of about Rs 3,200 crore in construction, spread over the next five years.
"We are planning to create a real estate platform with Rs 1,500-2,000 crore fund for development of affordable housing projects under our 'Provident' brand," the company's MD Ashish R Puravankara told PTI.
The Bengaluru-based developer is in talks with few investors to set up this platform within six months, he said.
Recently, Prestige Group tied up with HDFC to set up a Rs 2,500 crore real estate fund for affordable and mid-income housing projects.
Ashish noted that affordable housing segment has been performing well on the back of several initiatives such as infrastructure status and interest subsidies. The company would launch six new projects under its low-cost housing brand 'Provident' and eight projects under premium 'Puravankara' brand.
Ashish said the company has achieved 29 percent growth in sales bookings at Rs 1,102 crore in the first nine months of the current fiscal, as against Rs 853 crore in the year-ago period.
Puravankara plans to launch at least two new projects in this quarter and expects robust sales bookings from existing as well as new inventories. Ashish said the property market has stabilised post implementation of new realty law RERA, GST and note ban.