Provident Housing, a subsidiary of the Puravankara Group, is entering the bridge-to-luxury residential segment with its inaugural project in Bengaluru. The project, located on IVC Road, spans 15 acres and will feature 288 units priced at approximately Rs 1.9 crore per unit. Provident Housing plans to focus on large township projects, aiming for a portfolio mix of 75% mid-income and 25% bridge-to-luxury homes.
The proposed fundraise will be in the form of equity and the money will be used to build mid-income homes in the southern markets of Bangalore, Chennai, and Hyderabad, and to enter new markets.
The Bengaluru-based real estate firm plans to invest about Rs 7,000 crore over the next seven years to develop 25 million square feet of residential assets across Bengaluru and enter the plotted development segment, he said.
Institutional investments in the Indian real estate market reached $4.6 billion during January-September 2023, a 27% increase compared to the previous year. Despite global challenges, the market has proven to be resilient and attractive, with investment inflows reaching 93% of the total recorded in 2022.
HDFC Capital Advisors and House of Abhinandan Lodha (HoABL) have partnered to create a joint venture platform with investments of over ₹1,500 crore. The platform will focus on plotted developments and low-rise projects in key property markets in India. The alliance aims to meet the growing demand for mid-income low-rise housing in peripheral areas of tier 1 and tier 2 cities, driven by improved connectivity.