Distinctive Aspirations: Staying Ahead In Technology
The company was established with a clear vision and objective to meet the aspirations of teeming millions by offering quality homes.
Detail us on your latest technological advances and your prospering growth with them.
Puravankara Limited, founded 42 years ago in the year 1975, is one of the leading public listed real estate conglomerates headquartered in Bengaluru, Karnataka. Further, realizing the burgeoning need of high-quality affordable homes in the country, we launched Provident Housing Ltd. (a wholly-owned subsidiary of Puravankara) in 2008 to meet the aspirations of mid-income and first-time home-owners. We also have the distinct advantage of being the first organized player to move into the affordable housing sector.
At Puravankara, we believe that staying ahead of technology will improve quality, time and the effective utilization of resources for our large housing projects. We are keen on innovation in construction methodology and are one of the very first developers in India to implement pre-fabricated modular construction technology in our projects. Provident Housing, our affordable housing arm, has implemented ‘Precast Technology’ in one of our award winning marquee projects, Provident Sunworth, which is of over 3000 units. As part of this methodology, concrete slabs are manufactured with predetermined specifications, thereby aiding in timely completion and delivery of projects.
Construction sector and concepts of technology for a smarter future, please us with your views!
We firmly believe that in the coming times, the role of technology will play a far bigger role and ignoring the same would be detrimental to one’s growth. Hence, it is important to invest in technology, which will be the next growth driver in real estate. As affordable housing is one of the major focus areas for Puravankara, technology plays a crucial role in helping us build homes faster, better and safer, without compromising on the quality aspect.
How you are using technology in your company’s different practices?
Customer-centricity at Puravankara is not limited to just brick and mortar but also takes into account the needs of the customer which form the core of every decision made. Pioneering in proptech, Puravankara allocates 1-3% of project costs to budget for software technologies, creating cost and time efficiencies across enterprise resource planning, project management and customer service. Examples of a few initiatives are the creation of a WhatsApp group to keep customers updated on the speed of construction activities and the establishment of a dedicated post-sale customer engagement centre to address grievances.
The industry budget announced and your financial ambitions attached with it, as a key player, share your part!
The Union Budget for 2018-2019 outlines a very interesting and positive growth story for India Inc. and especially for real estate and its allied sectors. It had laid down a robust road map for ‘housing for all’ by establishing a dedicated affordable housing fund under the National Housing Bank which has been a major enabler.
Last year (November 2017) Puravankara marked out a robust launch pipeline for the next 12-15months, as we prepared ourselves with a series of new launches across markets. In this period, we have planned to develop about 15million sq. ft. of land, out of which over 10 million sq. ft. will be premium affordable housing under the Provident brand, and the rest for the luxury segment.
Out of the 10 million sq.ft, we have already launched, approximately 4 million sq.ft. was in the last quarter of FY17-18, with two new launches- Provident Park Square (Bengaluru) and our first project in Goa- Adora De Goa. In the coming quarters our focus markets will be Pune, Mumbai, Bangalore, Goa and Chennai.
Your concluding note.. In addition to building sustainable homes for its customers, Puravankara will also be focusing on increasing its commercial portfolio, especially in cities like Pune where the office-space absorption rates are currently on an upward trend. In our Goa offering, Adora De Goa, we have introduced the element of hospitality in a tie-up with our hospitality partner, along with offering managed residences, thus making this project a complete resort district with housing, retail and hospitality. We will remain disruptive innovators and stay ahead of the curve without comprising on the ethics of transparency and integrity that the company has been founded on.
