Provident Housing Ltd CEO Mallanna Sasalu addressing the media in Bengaluru on Wednesday.
Bengaluru: Provident Housing Ltd, the value housing arm of Bengaluru-headquartered real estate major Puravankara Ltd, feels positive about being hived off from its parent company, Chief Executive Mallanna Sasalu indicated, while speaking to DH on the sidelines of a select media interaction here on Wednesday.
“As and when the shareholders of the company and everybody starts to think yes, there is a greater value for a spin-off, then that will happen. For the greater value to be under the mother company, we continue to be there (till then),” Sasalu told DH.
“The spin-off can be in many ways. It can be public, some investors can come in, anything can happen,” he further added.
As reported by DH in August, Sasalu also announced a Rs 3,800 crore expansion plan spanning 5.8 million square feet, over the next five years.
“We’ve already launched two projects, there are three more pending for the year - one is coming up in Bengaluru, one in Kochi and the other one in Chennai,” he said.
Furthermore, the realty player that is synonymous with “affordable housing” for many generations of Indians, does not wish to be identified with a particular housing bracket. Operating as a “bridge-to-luxury,” the company aims to deliver utmost value to its customers in the Rs 45 lakh- Rs 1.2 crore bracket, Sasalu said.
Going forward, the company will continue to focus on economies of scale to deliver greater value to its customers in the said price range, he added.
Speaking on the state of affordable housing in India, which traditionally includes residential units priced below Rs 50 lakh, Sasalu said: “ The way people perceived affordable housing is not the same today. It has changed because market dynamics have changed.”
Established in 2008, the 100% subsidiary of Puravankara Ltd is present in nine cities currently - between Maharashtra to Tamil Nadu.