New Delhi: Provident Housing, a fully-owned subsidiary of Puravankara, is set for a significant transformation in the real estate sector, with plans to invest Rs 600 crore in acquiring new land parcels. Additionally, the company has allocated Rs 750-1,000 crore for the development of these acquired land parcels in the financial year 2024-25.
Provident Housing is currently operational in nine regions, including Kochi, Bengaluru, Goa, Mumbai, Mangalore, Chennai, Coimbatore, Hyderabad, and Pune. Mallanna Sasalu, the CEO of Provident Housing, shared insights into the company's future endeavors in a recent interview.
Currently working on approximately 11.70 million square feet of projects, Provident Housing possesses a substantial land bank of around 5.61 million square feet. The CEO revealed plans to launch five projects, with two already underway and another scheduled for the October-December 2023 quarter. One project was successfully launched in Q3 of FY24, while two more are slated for launch in the January-March 2024 quarter in Chennai and Cochin.
The Cochin project, spanning 16 acres, has gained attention with the launch of 540 units in Phase-I during Q4 FY22. The upcoming Phase II is expected to generate revenues of Rs 1,400 to 1,500 crore. Meanwhile, the Chennai project, situated on 5.3 acres, offers a development potential of approximately 800,000 square feet and a revenue potential of Rs 500 crore, featuring 676 units for potential homebuyers.
Looking ahead, Provident Housing envisions a substantial revenue potential of Rs 3,800 to Rs 4,000 crore in the near future.
Significantly contributing to the sales value of its parent company, Puravankara Limited, Provident Housing played a pivotal role in H1 FY25, with Puravankara's total sales value reaching Rs 2,725 crore, out of which Provident Housing contributed Rs 931 crore.
In a recent unveiling of its second Environment, Social, and Governance (ESG) report, Provident Housing demonstrated its commitment to sustainability. Notable achievements include water savings of nearly 210 KL, repurposing 60 loads of construction and demolition waste for roadworks at project sites, and a 41% increase in hiring female employees, contributing to an overall gender equality ratio of 33%.