Real estate firm Puravankara has entered the uber luxury real estate segment under the Purva World Home collection brand, targeted at a niche demographic of home buyers.
BENGALURU: Real estate firm Puravankara has entered the uber luxury real estate segment under the Purva World Home collection brand, targeted at a niche demographic of home buyers. The company plans to add 3-4 properties in next 1-2 years in this segment across Chennai, Mumbai and Bengaluru.
”WorldHome will be a niche product and is expected to generate Rs 3000 crore revenue over the next four years,” said Ashish R Puravankara, MD, Puravankara.
The first project under the new segment will be launched in Bengaluru- Purva Atmosphere priced upwards of Rs 1 crore. ”The prices will be based on the geography and location,” said Abhishek Kapoor, COO-Residential, Puravankara.
The company currently builds luxury homes under Puravankara Luxury, while premium affordable residences are under Provident Housing brand, launched in 2008. Currently, 65% of the company’s business comes from mass housing brand, Provident, while rest from other Puravankara brands.
Separately, the firm is expanding its commercial portfolio. It plans to develop 10 mn sft of commercial projects and venture into retail development over the next five years across major cities.
Puravankara has completed and delivered 40 mn sqft of project while around 20 mn sqft of projects are under development across residential and commercial segments.
The company has a land asset of around 70 mn sft and net debt stood at Ra 2600 crore as on Q2FY20.