Mumbai: The Puravankara Group is pleased to enter into Private Equity Partnerships for its new acquisitions. The Group has now commenced its foray into strategic Private Equity partnerships to meet its growth objectives, strengthen its Balance sheet and leadership position. Private Equity investments will also allow the Group’s ability to expand its geographic reach, enhance service offerings and grow the business in support of customer needs.
The Group has acquired around 31.69 acres of land in Chennai’s prime location, Poonamallee with a developmental potential of 3.3 million sq feet. The project will be developed under the brand “Provident” in 3 phases, to provide premium affordable housing. The acquisition cost of land stands at Rs. 110 Crores. The project is expected to be launched with all statutory approvals by the end of this financial year,with a target construction completion within 60 months. The average selling price of the units would be in the range of Rs. 4,500 per sq feet, and the project is expected to generate revenues of Rs. 1,500 crores.
The Poonamalle micro market is in the corporation limits of Chennai and addresses the housing requirement of the Industrial and Manufacturing hub in the area located in Sriperumbudur, Oragadam and other locations. The suburbs surrounding this location have good connectivity to the commercial hubs with a well-developed infrastructure network. Unruffled by the chaos of city life and affordable residential prices, this micro market is witnessing promising growth. Provident with its unique offering of premium affordable housing, will cater to this customer segment through an optimum mix of 1, 2 & 3 BHK apartments.
Mr. Ashish Puravankara, Joint Managing Director Puravankara Projects Ltd. expressed: “We are excited to enter into our first strategic private equity partnership and is a key milestone for the Puravankara Group. The deal is the culmination of the long term partnerships with our Investors and demonstrates their confidence in the Group. The foundational aspect of the partnership has been the alignment of interests and meeting of synergies, with a strong focus on value creation”