Bengaluru-based Puravankara plans to invest Rs 40 crore in its recently launched tower in Pune to construct 150 residences and about 40 retail shops with a built-up area of about 1.5 lakh sq. ft. The 40-months planned project will be in construction-phase by next month. The homes under this project will cost anywhere between Rs 25-31 lakh.
Reportedly in November 2014, the realty firm has collaborated with Pune-based Oxford Group and Mumbai-based EKTA World and planned to work on a 30-acre project. It launched 500 housing units in the first phase in March 2016.
The managed residences as part of the tower are planned to be designed like hotel/ service apartment rooms attracting the customers who are keen on investing in small and compact apartments. Puravankara is looking for a leasing company to team up and assist owners in renting these homes.
“Leveraging the presence of several IT and BPO companies in the city, Pune has witnessed rapid growth in real estate especially in areas like Karadi and Mundhwa,” says Puravankara spokesperson.
“Pune is a key market for our residential projects and we are delighted to launch our managed residences block of Manhattan Pods and Condos,” adds the leading real estate company.
Currently, Puravankara has 21.72 million sq. ft. of projects under development with additional 78.42 million sq. ft. spread across multiple cities like Bengaluru, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Mumbai and Pune.
Source: ET Realty