Provident Housing to launch 5.8 mn sq ft of inventory worth ₹3,800 crore

Bengaluru-based real estate developer Puravankara Limited’s community housing arm, Provident Housing Limited, is expected to launch 5.8 mn sq ft of inventory worth 3,800 crore by end of the fiscal in markets such as Bengaluru, Kochi, and Chennai, the company’s chief executive officer Mallanna Sasalu said on December 6.

Provident Housing CEO Mallanna Sasalu.
Provident Housing CEO Mallanna Sasalu.

The company has launched inventory worth 1,300 crore so far in North Bengaluru this year, spread across 1.6 mn sq ft.

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The company had announced that it intends to come up with five housing projects valued at over 3,800 crore by the end of the financial year. It has so far launched two projects in North Bengaluru. The remaining three projects are expected to be launched in Bengaluru (Q3FY24), Chennai (Q4FY24), and Kochi (Q4FY24).

The five projects are expected to be completed in the next three to five years, he said.

He told reporters that there are no plans to foray into Delhi-NCR. “We are not exploring more cities,” he said.

He said that the definition of affordable housing has changed as land costs have gone up. Provident Housing constructs homes in the budget of 45 lakh to 1.2 crore.

Asked to react to the news that the company is in talks with HDFC Capital Advisors to secure more than 1,000 crore for expansion, he said that “Nothing has been concluded so far” and that the company is currently in talks with seven to eight investors.

To a question on whether the company has plans to be listed independently, he said that “it is premature to discuss the issue. We are in the process of building the business to larger possibilities. Anything is possible at the appropriate time.”

Provident Housing currently has projects spread across an area of 12.5 mn sq ft under construction and contributes around 50 percent to the Puravankara Group. In 2020, the IFC Emerging Asia Fund invested close to $76 million in Puravankara Group to ramp up its affordable housing projects in the country.

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