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.