Summary:
New Delhi, Feb 17 (PTI) Realty firm Puravankara Ltd will invest over Rs 1,550 crore to construct a 3 million mixed-use project, mainly housing, at Kochi in Kerala as part of its plan to expand business amid rise in demand of apartments post the second wave of COVID-19 pandemic.
The company"s subsidiary Provident Housing Ltd will develop 3 million square feet in the project, which is spread over 18 acres, named "Provident Winworth" at Kochi.
Puravankara is expecting a sales realisation of about Rs 3,000 crore from this project over the next 6-7 years.
The company"s Managing Director Ashish Puravankara said: "One of the driving forces behind Provident Housing is upending the notion that luxury and affordability are mutually exclusive.
We are delighted to debut our first premium-affordable offering of Kerala in Kochi." When contacted, Puravankara Ltd CEO Abhishek Kapoor said the company will develop 2.6 million square feet of residential area and 0.4 million square feet of commercial space in this mixed use project.
Asked about the project cost, Kapoor said the company will invest around Rs 1,550 crore on pure construction of this project.