Provident Housing, a subsidiary of Puravankara Group, is stepping into the bridge-to-luxury residential segment with its inaugural project in Bengaluru. To drive growth, the company is shifting focus towards expansive township projects. The 15-acre project on IVC Road, inspired by Manchester City, features 288 units of around 2,000sqft each, priced at approximately Rs 1.9 crore per unit, presenting a total revenue potential of Rs 600 crore.
Originally established as an affordable housing company in 2009, Provident Housing recognizes the evolving concept of affordability in recent years. According to CEO Mallanna Sasalu’s statement, the company is in plans to develop more bridge-to-luxury projects depending on the scope and market requirements. The company aims for a portfolio mix of 75 per cent mid-income and 25 per cent bridge-to-luxury homes.
In addition to individual projects, Provident Housing is strategically focusing on large township developments, spanning over 30 acres. This move aligns with the growing preference for community living in the country.
(Image for representational purpose)