Realty firm Puravankara Ltd on Thursday said its subsidiary Provident Housing Ltd has raised Rs 1,150 crore from HDFC Capital for development of housing projects.
"This strategic 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 (gross development value) of Rs 17,100 crore, which will be delivered over the next five to six years," the Bengaluru-based Puravankara said in a regulatory filing.
Provident Housing has so far completed 15.1 million square feet of projects across the country with a presence in nine cities, including Bengaluru, Hyderabad, Chennai, Goa, Kochi, Mumbai, and Pune.
"This deal reinforces the confidence of our institutional investors in the company's corporate governance and the way we conduct our business," Ashish Puravankara, Managing Director at Puravankara Ltd, said.
Vipul Roongta, Managing Director & CEO of HDFC Capital, said, "Through our partnership with Puravankara, we will focus on meeting the increasing demand for high-quality homes for mid-income households in India." Puravankara Group has completed 83 projects measuring about 48 million sq ft across nine cities - Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company's total land bank is around 41 million square feet and ongoing projects add up to 29 million square feet.
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