Provident Housing, which is a wholly-owned subsidiary of the Bangalore-based Puravankara Group, has reportedly acquired a significant 62-acre land parcel located on the outskirts of Bangalore. The deal, estimated to be valued at 150 crore rupees, was finalized earlier this month between Provident Housing and an individual seller.
The purchased land is strategically situated on Mysore Road, approximately half-an-hour's drive from the city center of Bangalore. This transaction is described as an outright purchase, with Provident Housing set to remit payment in two stages. During the first installment, the buyer has already made a nominal token payment upon signing the agreement, with the remainder of the payment to be settled once the project reaches completion.
In recent months, a number of real estate developers have been actively seeking opportunities within the emerging affordable housing sector. The Puravankara Group plans to implement these initiatives not only in Bangalore but also in Chennai, while also negotiating potential deals in Hyderabad and Coimbatore. It is anticipated that agreements for the Hyderabad and Coimbatore projects will be concluded within the forthcoming month.