Real Estate Hour

Amid the slowdown in realty market, Bengaluru to witness launch of two major housing projects

With the outbreak of the pandemic, Indian real estate sector, which was earlier in its heydays, has also been hit hard and has witnessed a major slump. Due to job cuts or pay cuts, the demand for new homes is low and experts have anticipated that this will continue for another six months or a year at least. Despite all that, Bengaluru-based realty firm Puravankara has recently decided to develop two new housing projects in the city. It has invested around Rs 1,100 crore to continue with its already planned projects. They were to be launched earlier in January-March quarter of the last fiscal however, amid the pandemic outbreak leading to nationwide lockdown, the projects had to be delayed.

Like all other developers that have been compelled to adapt to their home sales process online, Puravankara recently launched its two projects on digital platforms too. One of the projects – Provident Woodfield is spread across a 25 acre land parcel at Bengaluru Electronic city and is expected to be delivered by the end of 2023. Purva Atmosphere, its second project will have 939 residential units, priced at over Rs 95 lakh.

The acceleration in the plans and construction processes by Puravankara Group is in response to the increasing customer sentiment towards home buying in the recent times – people have been considering homes as the most secure investment option. While the situation is no longer the same today, the company is still aiming to make it as much convenient as possible for buyers to access their housing projects from anywhere via digital platform. “Puravankara Group has always believed in presenting the right product at the right location and right price. Extensive research and assessment are done in identifying locations,” said the company’s MD Ashish R Puravankara.

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