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Provident Housing Ltd., a wholly owned subsidiary of real estate developer Purvankara Ltd., said it had received an investment of ₹1,500 crore from HDFC Capital which will be deployed for growth and expansion.
This collaboration will add an additional 6.2 million square feet of new residential projects to the ongoing 14.8 million square feet with a combined GDV of ₹17,100 crore, 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 with a presence in nine cities, including Bengaluru, Hyderabad, Chennai, Goa, Kochi, Mumbai, and Pune. Commenting on this investment, Ashish Puravankara, Managing Director, Puravankara Ltd., said, “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.” Vipul Roongta, Managing Director & CEO, HDFC Capital, said, “Through our partnership we will focus on meeting the increasing demand for high-quality homes for mid-income households in India.
Mallanna Sasalu, CEO, Provident Housing Ltd. 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.”
