Provident Housing

completed

Established in 1975, Puravankara Limited (“Puravankara” or the “Group,” https://www.puravankara.com/) is a reputed real estate developer in India, listed on the Bombay and National Stock Exchanges. The Group has constructed around 40.92 million square feet (msf) of area (mainly residential) as of 30th September 2020, across 71 residential and commercial projects with another 22.93 msf area under development, and a land bank of over 65 million square feet. Puravankara has major operations in Bengaluru with considerable presence in Chennai, Kochi, Hyderabad , Pune, Goa and Mumbai. The Group operates under two brands: “Puravankara” for luxury and higher-income housing and commercial office space, as well as “Provident” for affordable housing, and the latter is housed in a separate subsidiary - Provident Housing Limited ( “Provident”, https://www.providenthousing.com/), which was established in 2009.  The proposed investment for an amount aggregating up to US$76 million would be in one or more special purpose vehicle companies (individually referred as the “company” and collectively as “SPVs” or “the companies”) set up by the Group and would involve development of housing projects under the Provident brand in Kochi (in Kerala) and Bengaluru (in Karnataka), along with one or two more projects which are yet to be identified (the “project”). The key details of the Kochi and Bengaluru projects are provided below. CityType of DevelopmentNumber of units*Description of the project/ land statusProject StatusExpected CompletionKochiHigh RiseApartments 3,716 units(~3,232,376 ft2)The land was purchased by Puravankara in 2006  Advanced stages of approval  2024-2026 (for various phases)BengaluruPlotted Development750 plots(~1,174,677 ft2)Land to be purchased from financial institutions selling land of the defaulters and from other private owners (expected in Dec 2020) Approvals yet to be obtained End 2024/ Early 2025 * As per current plans As with typical property projects, the companies will be SPVs with a minimal number of employees and project development will be managed by various teams of Provident Housing Limited. IFC funding to future projects/SPVs will be based on certain pre-agreed environmental and social (E&S) eligibility criteria such as: completion of land acquisition and clear documentation that the project does not result in (a) significant involuntary resettlement, (b) risk of adverse impacts on lands to which ethnic minorities maintain collective attachment, (c) significant risks to, or impacts on, the environment including biodiversity; and (d) receipt of applicable E&S related regulatory approvals and permits.