Provident Housing is set to introduce its first themed villa in Bengaluru

By Bricksnwall | 2023-11-17

In Bengaluru, Provident Housing is set to introduce its first themed villa and aims to generate a revenue of Rs 600 crore.

The company stated that by the end of FY24, it will have launched around 3.3 million square feet (msf), up from about 2 million square feet (msf) to date.

With a planned top line of Rs 600 crore, Puravankara Group affiliate Provident Housing Limited intends to open its first themed villament project, Provident Deansgate, in Bengaluru.

Independent flats inside a bigger complex of apartment buildings are called villas. It is stated that these villas combine the privacy and other advantages of a private residence with the extra benefits of an apartment block, such as security and other facilities.

"We intend to begin operations on December 10th. On the other hand, prospective purchasers are already inquiring about the pre-sales, which account for over 30% of the project. The inventory will comprise 1,900?1,950 square foot garden townhouses and 2,100?2,200 square foot terrace townhouses, with each villa costing upwards of Rs 1.9 crore, according to chief executive officer Mallanna Sasalu.

Every townhouse will have a unique architectural design, with elements like a symmetrical exterior, a pitched roof with dormer windows, and a square or rectangular shape.

The project has a prime position in Bengaluru, only 3?4 km from the planned metro in North Bengaluru and adjacent to Kempegowda International Airport," Sasalu continued.

Launches in plans

According to Sasalu, the firm plans to launch roughly 3.3 million square feet (MSF) by the end of FY24, having previously launched over 2 million square feet (MSF).

"We will be investing about Rs 1,150 crore with a revenue potential of Rs 2,250 crore across three projects, one each in Bengaluru, Chennai, and Kochi," he said.

The company sold 1.06 million square feet in the second quarter of FY24, a 147 percent increase from 0.43 million square feet in the same quarter the previous year. Rs 306 crore was the overall sale value for the quarter.

Of the launches slated for the latter part of FY24, Bengaluru will receive roughly 1.4 million square feet. According to Sasalu, the ticket sizes will range from Rs 55 lakh to Rs 1.2 crore.

North Bengaluru is expected to grow quickly

About 20 years ago, North Bengaluru was first developed as an industrial region. On the other hand, Hennur Road, Jakkur, Yelahanka, and Hebbal were among the micro markets that grew as a result of the new airport and the Manyata Tech Park, which were game-changers.

North Bengaluru accounted for 26% of the city's new releases in the third quarter of CY 2023, an increase of 62% from the previous quarter.

Sasalu concurred that one of the areas in the city with the fastest-growing real estate is North Bengaluru.

"East Bengaluru's well-established IT corridor keeps it at the top of the list for new launches. However, because of impending infrastructure developments like the metro, the North continues to grow today," he continued.