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Private Sector | Kerala - India | PID: 197615
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Puravankara, a real estate company, will make an investment of over Rs 1,550 crore to construct a three million mixed-use project, mainly housing, at Kochi in Kerala
This is a 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 will develop three million sq ft in the project, which is spread over 18 acre, named Provident Winworth at Kochi
Puravankara is expecting a sales realisation of about Rs 3,000 crore from this project over the next six to seven years. The company will develop 2.6 million sq ft of residential area and 0.4 million sq ft of commercial space in this mixed use project
The company will infuse around Rs 1,550 crore on pure construction of this project. The land cost has not been included. The project will be taken up in three phases. Phase-I will comprise 519 apartments
In December 2020, Puravankara had announced that IFC, a member of the World Bank group, and IFC Emerging Asia Fund will invest Rs 556 crore in its affordable housing platform to develop up to four projects
It will be the largest mixed-use development in Edappally with retail and commercial elements, making it inclusive and accessible
The project will be introduced in the market through an innovative Quasi Book Building method. The pre-booking process offers comprehensive product information to prospective buyers, along with a 'price-band' for each type of unit
The Expressions of interest (EoI) from prospective buyers help gauge the project's demand and achieve a data-driven pricing decision
| Updated on: 18 - Feb - 2022
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