Purvankara to launch first affordable housing project

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Mumbai, Aug 13 (UNI) Bangalore-based real estate major Purvankara group today revealed its plan to build 64,500 homes in five cities in phase-I of its Affordable Housing Segment, at a cost of Rs 8,000 crore over the next five years.

Speaking at the launch of Provident Housing&Infrastructure, a fully owned subsidiary of the group, Company Director Ravi Ramu said the first project in North Bangalore, spread over 4.5 million sqft with 5,100 homes will be ready for launch in the next three months.

He said the prices of these homes are at Rs 10 lakh, Rs 15 lakh and Rs 20 lakh for one, two and three bedroom sets, respectively.

Under phase-I, three projects are planned in Bangalore, Hyderabad, Coimbatore and Mysore, while second phase will include cities like Delhi, Kolkata, Kochi, Jaipur, Pune and Nagpur, Mr Ramu asserted.

The funding for the projects that includes Rs 1,500 crore for land acquisition and Rs 6,500 crore for construction, will be managed through a combination of internal accural, debt and private equity, he said.

The firm would raise about Rs 750 crore through private equity for the land acquisition, Mr Ramu added.

UNI PP RN AG1554

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