Puravankara arm Provident Housing raises Rs 1,150 crore from HDFC Capital
Provident Housing, a wholly-owned subsidiary of realty developer Puravankara has raised Rs 1,150 crore from HDFC Capital Advisors, the real estate private equity arm of HDFC Group, to support future growth and expansion plans.
This strategic collaboration between the developer and India’s largest residential investment platform, is expected to lead to an addition of 6.2 million sq ft of new projects to the ongoing 14.8 million sq ft.
This combined portfolio will hold a gross development value of Rs 17,100 crores, which will be delivered over the next five to six years.
On November 3, ET was first to report that Provident Housing and HDFC Capital were in talks for this funding.
“With HDFC Capital's support, we are well-positioned to accelerate the development of new residential projects across India while delivering value to our customers and driving long-term shareholder value,” said Mallanna Sasalu, CEO, Provident Housing.
Provident, a large-scale community developer, has so far completed 15.1 million sq ft of projects across the country with a presence in nine cities, including Bengaluru, Hyderabad, Chennai, Goa, Kochi, Mumbai, and Pune.
“HDFC Capital is committed to long-term partnerships with marquee real estate leaders like Puravankara with a good track record of development and delivery. Through our partnership with Puravankara, we will focus on meeting the increasing demand for high-quality homes for mid-income households in India,” said Vipul Roongta, MD & CEO, HDFC Capital.
This partnership with HDFC
