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Provident Housing Limited, a subsidiary of the Puravankara Group, is set to unveil its first themed villament project, Provident Deansgate, in Bengaluru. The project targets a top line revenue of Rs 600 crore and an investment of Rs. 230 crore. Villaments are independent units that are part of a larger complex comprising apartment blocks. These villas have the benefits of a private accommodation such as privacy with the added advantages an apartment complex offers such as securities and other amenities. Situated in North Bengaluru's IVC Road on a 15-acre expanse, the project encompasses 288 duplex villaments designed in Manchester's architectural style. The total development potential reaches 6 lakh square feet, with an investment of Rs 230 crore, excluding land costs. Provident Deansgate has already attracted significant pre-sales interest, accounting for almost 30% of the project. It plans to launch on December 10. Priced at a minimum of Rs 1.9 crore per villa, the inventory includes 1,900-1,950 sq ft garden townhouses and 2,100-2,200 sq ft terrace townhouses. Each townhouse exhibits unique features such as a square or rectangular shape, a symmetrical facade, and a pitched roof adorned with dormer windows. Provident Housing's strategic location selection for the project, just 3-4 km from the upcoming metro in North Bengaluru and in proximity to Kempegowda International Airport, enhances its appeal. The company, having already launched 2 million square feet (msf) with plans to increase this to approximately 3.3 msf by FY24, is making significant investments for future projects. An estimated Rs 1,150 crore will be invested across three projects in Bengaluru, Chennai, and Kochi, targeting a revenue potential of Rs 2,250 crore. In Q2 of FY24, Provident Housing achieved notable sales, totalling 1.06 msf, a 147% increase from the previous year's corresponding quarter, with a total sales value of Rs 306 crore. Bengaluru's launches in the second half of FY24 are expected to contribute around 1.4 msf, featuring varied ticket sizes ranging from Rs 55 lakh to Rs 1.2 crore. Recognizing the rapid appreciation of North Bengaluru, attributed to infrastructure projects like the metro, its status as one of the city's fastest-growing real estate hubs is getting well established. While East Bengaluru remains a preferred site for new launches due to its established IT corridor, the northern region continues to witness growth spurred by ongoing and upcoming infrastructure developments. In summary, Provident Housing's foray into themed villaments with Provident Deansgate signifies a strategic move to meet evolving market demands and capitalize on Bengaluru's dynamic real estate landscape.
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