Provident has been
established as an independent stand-alone entity with its own budget, offices
and staff. Modern technology based methods are being used to achieve
scalability at an affordable price. Provident Housing Limited will function
under the supervision of the Puravankara Group which is known for its
premium, world class quality construction standards.
Apart from homes Provident will
also develop and sell large plotted development townships for affordable housing
supported by facilities like hospitals, schools and playgrounds. With
rising income levels and aspirations and the emergence of a new salaried class
in the Country, the demand for homes has far out-paced supply. According an
estimate, India’s housing shortage has increased from 19.4 million units in
2004 to 22.4 million in 2005-06 and this figure has since only kept rising.
The Puravankara Group
with over 33 years of excellence in the upper end of the housing sector
across various regions of the Country has projects in Bangalore, Chennai,
Kochi, Coimbatore, Hyderabad, Mysore and Colombo. The Group also has an
important presence in Dubai in the UAE and business representatives in
the United Kingdom and the United States. With a land bank of over 125
million sq ft, the Group has above 20 million sq ft of residential
and commercial space currently under construction. Included in this are on-going
residential projects amounting to 18.30 million sq ft comprising 11,010 homes.
