NEW DELHI: Realty firm Puravankara ProjectsBSE 1.36 % expects a sales revenue of about Rs 700 crore from the second phase of ongoing affordable housing project near Bengaluru.
The company today launched the second phase of ‘Provident Sunworth’ project comprising about 1,400 housing units. The 60-acre project located at NICE-Mysore Road junction is being developed by Puravankara’s arm Provident Housing.
Nearly 6,000 flats would be developed in the entire project. The special pre-launch price for a 2 bedroom apartment starts from Rs 33 lakhs and 3BHK apartment from Rs 39 lakhs.
The company did not disclose the project cost and expected sales revenue of the second phase. However, according to sources, it is expecting about Rs 700 crore of sales revenue over a period of 3-4 years.
Puravankara Projects MD Ashish Puravankara said this project is a 60 acre “integrated lifestyle district that offers high quality homes for value conscious home buyers, at a very attractive pre-launch price”.
Puravankara Projects Ltd has presence in Bengaluru, Kochi, Chennai, Coimbatore, Hyderabad and Mysore, Mumbai and Pune. The company has 20.93 million sq ft of projects under development with additional 85.83 million sq ft in projected development over the next few years.
The company has set up a subsidiary Provident Housing Ltd to develop affordable homes. Puravankara’s share price rose 1.36 per cent to Rs 59.75 apiece on the BSE. The company had posted a consolidated net profit of Rs 133 crore over a turnover of Rs 1,678 crore in 2014-15 fiscal.
