Puravankara Limited today announced the launch of its first premium affordable housing project of the year – Provident Park Square – in a joint venture between Puravankara Limited (Developer on record) and Keppel Puravankara Development Pvt. Ltd. (Landowner).
With an investment of INR. 600 crores, Provident Park Square at Judicial Layout, Kanakapura Road, Bangalore, is set to transform the ecosystem of affordable housing in the country. This project is a one of a kind mixed development project which caters to the needs of the new age home buyer.
Like a micro mall, the property includes restaurants, retail stores and many more such lifestyle amenities. The property is being developed using state-of the art precast technology. Provident Park Square is in line with Puravankara’s ambitious plan of developing 10 million sq.ft of affordable housing projects through the next 13- 15 months.
Ashish R. Puravankara, Managing Director, Puravankara Limited says, “we are optimistic about 2018 being a great year for the industry. The launch of Provident Park Square has kick-started our journey for 2018 and we are confident that the world class design and high quality amenities will truly be the first of its kind in the affordable space. The Government’s strategic initiatives and the country’s encouraging economic growth have fuelled greater interest in the affordable housing segment. Affordable housing not only triggers a robust growth for the sector, but also enables a higher GDP for the economy.”
The project is being taken to market through an innovative Quasi Book Building method, where the price discovery process is driven by data from fundamental ‘Demand-Supply’ metrics. The Pre-booking process, currently open at this point of time, offers the complete product information to prospective buyers, along with a ‘Price-Band’ for each type of unit within the project. All customers during the pre-booking process will be allotted units of their choice, based on first-cum-first-serve queuing methodology.
While early adopters / buyers will be at the top of the queue and hence get access to a wider choice of units, all buyers during this process will be offered a “Uniform Base Price”, there-by improving transparency in the customer buying process. The Home buying process from time immemorial has depended on “Brute-force negotiation” between buyers and the seller.
The Quasi Book building method eliminates this wasteful exercise and introduces a transparent yet competitive manner of price discovery and selling of real estate, which becomes even more essential in the “Low-margin-High-Volume’ affordable housing space.
The first phase of Provident Park Square will be ready by 2021.