New Delhi: Realty firm Purvankara Ltd on Thursday said its subsidiary Providen Housing Ltd has raised Rs 1,150 crore from HDFC Capital to develop housing projects.
“This strategic 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 GDV (gross development value) of Rs 17,100 crore, which will be delivered over the next five to six years.” Bengaluru-based Purvankara said in a regulatory filing.
Provident Housing 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.
Ashish Purvankara, Managing Director, Purvankara Limited, said, "This deal strengthens the confidence of our institutional investors in the corporate governance of the company and the way we conduct our business."
“Through the partnership with Purvankara, we will focus on meeting the growing demand for high-quality homes for middle-income families in India,” said Vipul Roongta, Managing Director and CEO, HDFC Capital.
Purvankara Group has completed 83 projects spanning approximately 48 million sq ft across nine cities – Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru Kochi, Mumbai, Pune and Goa. The company's total land bank is approximately 41 million sq ft and ongoing projects account for 29 million sq ft.
“This strategic 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 GDV (gross development value) of Rs 17,100 crore, which will be delivered over the next five to six years.” Bengaluru-based Purvankara said in a regulatory filing.
Provident Housing 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.
Ashish Purvankara, Managing Director, Purvankara Limited, said, "This deal strengthens the confidence of our institutional investors in the corporate governance of the company and the way we conduct our business."
“Through the partnership with Purvankara, we will focus on meeting the growing demand for high-quality homes for middle-income families in India,” said Vipul Roongta, Managing Director and CEO, HDFC Capital.
Purvankara Group has completed 83 projects spanning approximately 48 million sq ft across nine cities – Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru Kochi, Mumbai, Pune and Goa. The company's total land bank is approximately 41 million sq ft and ongoing projects account for 29 million sq ft.