Puravankara to invest Rs 8,000 cr for foray into affordable housing

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New Delhi, Aug 13 (UNI) Realty major Puravankara Projects today said it will invest Rs 8,000 crore for its foray into affordable housing through its wholly-owned subsidiary, Provident Housing and Infrastructure Limited.

In the first phase, the affordable housing project will cover Bangalore, Chennai, Hyderabad, Coimbatore, and Mysore where 64,500 homes with a total built-up area of 59.80 million square feet will be constructed over the next five years, a company statement said.

The funding for these projects will be through construction debt and customer advances amounting to Rs 6,500 crore, with internal accruals and equity sourcing the remaining Rs 1,500 crore, which will be utilised for land acquisitions.

In the second phase, the company will cover cities like Delhi, Kolkata, Kochi, Jaipur, Pune and Nagpur.

The first three projects of Provident in Bangalore and Mysore of over 19,000 homes are in the advanced stages and the Bangalore project of 5,100 homes will be ready for launch in a few months.

According an estimate, India's housing shortage has increased from 19.4 million units in 2004 to 22.4 million in 2005-06 and this figure has since only kept rising.

UNI SR RAR GC2119

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