NEW DELHI: Provident Housing, a wholly-owned subsidiary of Puravankara, has secured Rs 1,150 crore investment from HDFC Capital, a subsidiary of HDFC Bank.
This collaboration will add an additional 6.2 million sq ft of new residential projects to the ongoing 14.8 million sq ft with a combined gross development value (GDV) of Rs 17,100 crore, which will be delivered over the next five to six years.
HDFC Capital is the investment manager to four category II alternative investment funds (AIF). These funds combine to create over US$ 3 billion platform targeting the development of affordable and mid-income housing in India.
Puravankara was recently appointed as developer for a redevelopment project in Pali Hill, Mumbai. The project has a cumulative estimated development potential of 4.10 lakh sq ft carpet area, with over 2.15 lakh sq ft available for sale, and a potential gross development value (GDV) of over Rs 2,000 crore.
