Provident Housing – Delivering On Dreams & Aspirations

Rising City by Provident

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 rising city, electronic city, Kachanayakanahalli
NH275 – On left is access to Provident Sunworth, On right is RajaRajeshwari Medical College and Hospital

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.

provident rising city, electronic city, Kachanayakanahalli
Lively apartment blocks at Provident Welworth City

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.

rising city, electronic city, Kachanayakanahalli
Provident – Light of Nature at Provident Sunworth, nearing handover

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.

Technology

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.

rising city, Kachanayakanahalli, electronic city
Narayana Hrudalaya, near Rising City by Provident

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.

Provident Kenworth, Rajendra Nagar – Location Highlights and Investment Drivers

Provident Kenworth - Site

Tired of paying the rent to my landlord, my wife and I recently decided to buy a flat of our own. As we are not locals to Hyderabad we wanted to search for a gated community which was developed by a prominent developer, at a location which was likely to appreciate (in case we were to sell it off later) and which was closer to all the social infrastructure that a family needs. Four other important points became our priority; one, since my wife works in IT/ ITES sector, the location that we choose to live in should be accessible from HiTech City/ Gachibowli or should be near the recently proposed ITIR 2 (next HiTech City). Second, if we were to put the apartment on rent we should be in a position to do so without much hassle. Third, already operational medical facilities must exist around the area and the last there should be water available so that we need not pay hefty amounts for procuring supplies from water tankers.

Road to Provident Kenworth
Road to Kenworth

After elaborate research, one gated community made a strong appeal to us. Provident Kenworth by Provident Housing (subsidiary of Puravankara) located at Rajendra Nagar stood tall amongst rest of the competition. Prior to my visit I had never heard about Provident Housing, however my friends from Bangalore were highly appreciative of the developer. Puravankara, a leading and rewarded real estate developer, has been in the business for over for 40 years. Since we were now dealing with an established player we decided to visit the site. We started from Kondapur and reached the Rajendra Nagar exit #17 from the ORR in 20 mins flat. And in the next ten mins we reached Provident Kenworth. This was important for us as the drive from the HiTech City was both easy and quick. We both thought that if were to be located here we will be able to balance our work life easily and not have to compromise on our careers. The site is located close to the PVNR expressway near pillar #293.

A view of the substation next to Provident Kenworth
Substation next to Kenworth

An exit ramp connects the site to both the PVNR expressway and the ORR making it just 17 Kms (15-20 mins) from the airport and 20 Kms (30 mins) from Gachibowli. With the constraints of location and the developer’s credibility no longer an issue we decided to probe deeper into the Rajender Nagar and found out some surprising facts. Rajendra Nagar is connected to Bangalore highway, Srisailam highway and Nagarjuna Sagar as well. Also Rajendra Nagar is the only well developed residential area closest to the upcoming ITIR Zone 2.

Work is going on at Provident Kenworth site
Work is going on at Provident Kenworth site

The Information Technology Investment Region Zone 2 is an approved project under the Telangana government. ITIR zone 1 was HiTech City and the area of Cyberabad and has now become a magnet for investment, creating employment opportunities and driving economic growth in the city. ITIR Zone 2 will be a combination of SEZs, industrial parks, IT and electronic manufacturing units. This means that one, we have another employment destination close to us where we can work, two, this will be an added driver for price appreciation of real estate in the area and, three, after the project is delivered (3 years from now) I will be able rent it out easily. When it comes to basic necessities, Rajendra Nagar is a matured destination.

Provident Kenworth floor and master plan
Provident Kenworth Plans

Provident Kenworth: Social Infrastructure and Amenities

Educational institutes: Mahatma Gandhi Institute of Technology and Nizam’s Institute of Medical Sciences is 30 mins away. Located just 20 mins from the site are reputed engineering colleges such as Chaitanya Bhartiya Institue of Technology and Vasavi College of Engineering. Tata Institute of Social Sciences is hardly 10 mins while Acharya N G Ranga Agricultural University is located behind the complex. Health facilities: Olive hospital, Premier hospital, Majestic hospital, Suncity hospital, Shadan hospital should be able to meet ones need for World class health care in the area.

Leisure and recreation: Provident Kenworth is within an 8 Km radius is Charminar, Deccan Polo Riding club and Falaknuma palace.

Shopping: Everyday grocery shopping and shopping for clothes will be met with Walmart, Spencers, More and Reliance super markets (5 to 10 Kms) within driving distance.

Local travel: Government of Telangana is investing ~Rs. 12,000 CR in building metro rail in Hyderabad and the Falaknuma Metro station will be coming up near to Provident Kenworth. This will provide the much needed high speed and comfortable access to residents of Kenworth.

All our priorities were answered satisfactorily at the Provident Kenworth marketing office. There was still the question of access to potable water which was one of our concerns. We were told that here water could be found just 60 feet from the top soil, unlike Madhapur, Kondapur or Gachibowli where the water table has depleted severely (~1000 feet). Besides this the site shares a boundary wall with a natural lake and the agricultural college where construction in the near future doesn’t seem likely. This will provide the site with air circulation and will provide a quiet lifestyle away from the busy world we live in. Provident Kenworth at Rajendra Nagar is most definitely a location worth consideration.

Project Updates As Of November 2017

Provident are launching The Pearl, the latest phase of their project Kenworth. The Pearl by Provident will offer 2, 3 and 4 BHK apartments to its residents. Provident have also come up with a new offer, which allows home buyers to make a purchase of an apartment without having to pay any booking amount. This is planned to be completed by April 2019, with the amenities taking another year. The apartment sizes and prices offered in this phase include:

Apartment Configuration Area (in sq. ft.) Price (in Rs. Lakhs)
2 BHK 930 – 980 44 – 49
3 BHK 1070 – 1280 52 – 63
4 BHK 1900 88 – 94