Puravankara Plans Affordable Homes Platform

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A joint platform will buy land across major cities in India, especially in the South, to develop affordable housing projects. The maiden project under this is expected to come up in Bengaluru where the plan is to acquire 70 acres. “We are in talks with some funds and are likely to close a deal soon. The deal size is not yet decided,” said Ashish Puravankara, managing director of Bengaluru-based Puravankara. The company is also looking to reposition its affordable housing units under the Provident brand to mid-income homes over the next five years, which it expects will help drive growth. “The plan is to make Provident, a mass housing brand and Puravankara, a pure luxury brand over the next five years. It is work in progress,” the MD said. The unit accounted for 57% of Puravankara’s total sales in the first quarter of the current fiscal year, compared with 30% last year.