Provident launches housing project in Hyd

It has adopted book building process to determine prices of residential units in the venture

Hyderabad: Provident Housing Ltd, part of Puravankara Group, on Friday announced launch of Phase 1 development of its new housing project, Kenworth by Provident, in the city.

Located near PVNR Expressway at Rajendranagar, the premium housing project is coming up on a 21-acre site. It offers a range of two, three and four-bed room properties in the price band of between Rs 37 lakh and Rs 90 lakh.

According to the company, Kenworth by Provident is an integrated lifestyle district with facilities such as cafes, boutique shopping and smart offices within a single large campus.

The projects offers over 21 sporting facilities for beginners, ranging from athletics, boxing, archery, kabaddi, badminton, volleyball, basketball, squash, table tennis and aerobics.

It will also have a cultural club to infuse culture and experiential learning based amenities for children. “We envisage that this project will overwhelm buyers with its high quality design, finishes and features. The facilities will put the required thrust on children to hone their skills.

It is one of the largest residential launches in Hyderabad in recent times,” said Ashish Puravankara, Managing Director, Puravankara Projects Ltd. To increase transparency in pricing, Provident has introduced the innovative book building process for the project, a first such initiative in the city.

This process enables prospective customers to subscribe during the pre-launch period of the project through an expression of interest within a price range set by the developer. The actual opening price for the project will emerge from prices quoted by the customers during the book building process.

“This transparent price discovery mechanism, also called as the EOI process, has been oversubscribed by over 2.3 times in a short period,” the company said. The company will soon announce the final prices.