Provident Housing Limited, a wholly-owned subsidiary of Puravankara Limited, has secured an investment of ₹1150 crore from HDFC Capital to develop 6.2 million square feet of new residential projects, the company said.
This will add to the ongoing 14.8 million square feet with a combined GDV of ₹17,100 crores, which will be delivered over the next five to six years, the company said.
Provident has so far completed 15.1 million square feet of projects across the country with a presence in nine cities, including Bengaluru, Hyderabad, Chennai, Goa, Kochi, Mumbai, and Pune.
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“This deal reinforces the confidence of our institutional investors in the company’s corporate governance and the way we conduct our business. We stay committed to developing international quality homes, delivered on time with trust and transparency,” said Ashish Puravankara, Managing Director, Puravankara Limited.
“HDFC Capital is committed to long-term partnerships with marquee real estate leaders like Puravankara with an excellent track record of development and delivery. Through our partnership with Puravankara, we will focus on meeting the increasing demand for high-quality homes for mid-income households in India,” said Vipul Roongta, Managing Director and CEO, HDFC Capital.
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Mallanna Sasalu, CEO, Provident Housing Limited, said, “With HDFC Capital’s support, we are well-positioned to accelerate the development of new residential projects across India while delivering exceptional value to our customers and driving long-term shareholder value.”
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