BENGALURU: Provident Housing Limited, a 100% subsidiary of Puravankara Limited, has forayed into plotted development in a bid to diversify its business and cater to the surging demand for plots offered by leading developers.

Located in Electronic City, Provident Woodfield will be the first plotted development project by Provident Housing. Spread over 20 acres, the project offers various plot sizes ranging between 1200 and 2400 sqft.

Currently, 65% of the company’s business comes from mass housing brand, Provident, while rest from Puravankara brand. “We are looking to scale plotted development business too as there is a huge demand for it, ” said Ashish Puravankara, MD Puravankara.

The company currently builds luxury homes under Purvavankara Luxury, while premium affordable residences are under Provident Housing brand, launched in 2008. Puravankara has completed and delivered 40 million sqft of project while around 20 million sq ft of projects are under development across residential and commercial segments. “We managed to sell flats even during the lockdown and will launch all the future projects on schedule, ” said Puravankara.

The developer also plans to double its commercial and retail portfolio to 10 million sqft by 2023. Puravankara has already acquired land in Bengaluru, Mumbai, Pune and Hyderabad to expand its commercial portfolio.

The developer plans to launch 8.7 million sq. ft. over the next three quarters, most of it under its premium affordable housing segment, Provident.