Why Provident Housing?
The way the pricing of real estate in India has moved in the past few years, affordable and budget units are rare to find, almost a myth and if one hears the term, it is mostly associated with government projects. Moreover many of these projects are so far out that calling them part of the main city will be wrong. However, Provident Housing has made budget homes their passion and focus. A 100% subsidiary of Puravankara, Provident is making a name for itself by delivering quality housing projects across Bangalore, Mangalore, Chennai and Coimbatore. These include projects like Provident Sunworth – Rays of Dawn, Welworth City & Rising City in Bangalore.
Provident has also introduced innovative and useful schemes like Managed Residences Investment Plan (MRIP). This first-of-its-kind scheme enables salaried home owners to earn an alternate income through pre-leased homes on sale. Provident is leading innovation in the real estate market, not only through their quality constructions, but also, aesthetically designed gated communities and well planned residential townships. Their target market are the middle class and first-time home buyers, especially the younger lot.
Provident Housing benefits from experienced and able leadership of its parent company Puravankara. Ravi Puravankara, Chairman and Managing Director, Puravankara Projects Limited is also Chairman and Founder Director of Provident Housing Limited. He has been associated with the real estate sector since 1975 and has been instrumental in leading Provident into building premium affordable/ budget housing, enabling the Indian middle class to own their dream home. Ashish Puravankara, Founder Director, Provident Housing Limited has provided guidance in implementing best construction practices by the acquisition of new materials and focusing on technology as a means to achieve quality construction.
Although they began in Bangalore, Provident has spread their wings to other cities in the south and increased the number of affordable and budget homes available to the country’s fastest growing economic section – the middle class. We look at the various factors contributing to make Provident a leader in this niche space.
Focused Area Development
Kachanayakanahalli, Yelahanka-Doddaballapur and NICE-Mysore Junction in Bangalore, PVNR Expressway in Hyderabad, Selvapuram in Coimbatore – what is the common factor in these locations you might wonder? They are all close to industrial zones, employers and dense commercial sectors as well as big name engineering colleges and schools. Provident’s focus on creating housing for the middle class family means these homes need to be located near the place of employment of the home owners. This ensures residents spend as little time as possible on commuting for work and more time in their spacious, well designed homes or enjoying the plethora of available amenities like swimming, jogging, clubhouse or playing with their children in the kids’ play area.
Managed Residences Investment Plan (MRIP)
It is a well known fact that earning a salary is not enough to achieve financial freedom, especially for the employed class. Provident’s MRIP scheme enables salaried home owners to earn a second income from their homes. Under this innovative scheme, one can buy & sell back with a contracted lease term of 7 years, thus building a long term rental income with escalations, capital appreciation, zero maintenance and a hassle free process. Property is managed by Jones Lang La Salle (JLL), a leading international property consultant. Provident offers this scheme across its residential assets in Chennai, Bangalore, Coimbatore & Kochi in three price ranges – Rs. 35 to 55 lakhs, Rs. 75 to 125 lakhs & Rs. 2.5 to 4 cr.
Design – More than Homes
More often than not, one associates the terms ‘budget’ and ‘affordable’ with shabbily built residential units, no views and green spaces and zero amenities and facilities. This is the absolute opposite of what Provident offers. All Provident homes are designed to offer relaxation and pride in one’s home. They are part of townships and communities with beautifully landscaped gardens, butterfly parks, green walkways, swimming pools, multi-facility clubhouses and 24*7 security. Provident also ensures use of quality materials, technology and processes and timely delivery of projects. An example is Provident Sunworth – Rays of Dawn Phase 2 which is scheduled for completion within 2 years of launch.
Provident has invested in best technological practices and tied up with companies who are known for being at the cutting edge of real estate technology like L&T to execute its projects. It has also increased its conversion rate of business leads by 30% with the use of Microsoft’s customer relationship management (CRM) solution which supports its sales, marketing and customer management functions.
Provident is currently executing six projects at Bangalore, Chennai, Coimbatore and Mangalore which will together provide about 10 million sq ft of living space. The configuration mix is one, two and three bedroom apartments with premium features and amenities. Provident plans to construct 60 million sq ft of affordable homes over five years under its first phase.
Provident has effectively moved out of the premium shadow of its parent Puravankara and has carved a self-sustaining niche for itself based on quality, well designed and affordable homes.