Puravankara Plans Rs 2,000 Crore Fund to Expand in Affordable Housing Segment

Real estate developer Puravankara is set to launch a real estate fund of up to Rs 2,000 crore to fuel its expansion in the affordable housing sector. The Bengaluru-based company intends to target key cities such as Bengaluru, Mumbai, Pune, Chennai, and Hyderabad with this initiative. The new platform, which will be launched in collaboration with investors within six months, aims to address the rising demand for affordable homes.

Puravankara’s strategy includes launching six projects under its affordable housing brand ‘Provident’ and eight projects under the premium ‘Puravankara’ brand. In total, the company plans 15 new projects by March 2025, with an estimated investment of Rs 3,200 crore over the next five years. The company is also set to launch at least two new projects this quarter, reinforcing its growth trajectory.

Puravankara’s sales bookings for the first nine months of the current financial year have already reached Rs 1,102 crore, reflecting a 29% increase from the previous year’s Rs 853 crore. This growth is attributed to the successful sales of both new and existing inventories across its project portfolio.

The company’s real estate ventures span a wide geographical reach beyond Bengaluru, including cities like Mumbai, Chennai, Hyderabad, Pune, Kochi, Kolkata, Coimbatore, Mysore, Mangalore, and even Colombo. With this expansion, Puravankara is well-positioned to cater to the demand for both affordable and premium housing in the evolving real estate market.

This move follows a similar initiative by the Prestige Group, which recently partnered with HDFC to set up a Rs 2,500 crore real estate fund focusing on affordable and mid-income housing. As Puravankara accelerates its growth, its focus on both segments—affordable and premium housing—ensures it stays competitive in the dynamic real estate industry.