Puravankara launches Provident brand in Kerala

A Provident project in Bangalore

Real Estate developer Puravankara Group said it will set up its first project under the Provident brand in Kerala.

The project, Provident Winworth, will have properties worth Rs 3,000 cr, and is being set up with the help of investment from International Finance Corporation (IFC) and the IFC Emerging Asia Fund.

Purvankara has several projects under its flagship Purva brand in Kochi, such as Purva Eternity, which tend to be targeted at the premium customers.

Provident is aimed at the mid-segment, and flats are likely to be priced in the Rs 40 lakh range.

“Over the last decade, Kochi has evolved into a highly desirable residential destination. The budding IT landscape, thriving commercial centres, and admiration for art and cinema have truly transformed the city into an urban utopia,” the company said.

“The changes within the metropolis are evident in the aspirations of its residents. There is a marked preference for luxury and a high standard of living at unbeatable value. Today’s homebuyer is discerning, well‐informed and is precise with their requirements.

“With its latest offering, Provident Housing aims to fulfil these emerging needs of the new‐age consumer,” it added.

Provident has been setting up projects across India, including Sunworth, Park Square and Adora De Goa, in recent months.

Winworth will be located at Edapally, away from the coastline.

The area, which is emerging as an alternate business district, is better connected with the rest of Kerala compared to the sea-facing areas.

Kerala has many home-grown developers who cater to the mid-segment buyers with flats priced in the Rs 35-50 lakh range.

However, unlike developers like Puravankara and Sobha, local developers tend to have a very basic approach to such projects and rarely pay much attention to landscaping and other amenities such as club-houses and multi-level parking.

“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,” the company said.

“From the conceptualisation to construction, every element of the project is informed by the rich heritage of Malabar. It will be the largest mixed‐use development in Edappally with retail and commercial elements, making it inclusive and accessible. As always, our highest priority is to offer quality homes that enrich and elevate the homebuyer’s lifestyle,” it added.

The company said the price of the flats will be determined by demand factors and the company will use a ‘quasi booking’ approach to selling the units.

“Fundamental ‘Demand‐Supply’ metrics will drive the price discovery process. The pre‐booking process offers comprehensive product information to prospective buyers, along with a ‘Price‐Band’ for each type of unit. Expressions of interest (EOI) from prospective buyers help gauge the project’s demand and achieve a data‐driven pricing decision,” it said.

Currently, Provident branded projects account for 42% of Puravankara Group’s launch pipeline.

The company has launched around 21 msft of projects across 9 cities ‐ Bangalore, Chennai, Hyderabad, Mumbai, Pune, Goa, Kochi, Coimbatore and Mangalore, out of which around 12 msft has been delivered.