Puravankara Powers the Next Growth Phase with Vision 2020

Puravankara Group, one of the most trusted and leading real estate developers is well positioned to seize the vast opportunity and challenges in the real estate sector for the next decade. To charter its next phase of growth, the Group has committed to get the organisation ready by implementing an Organisation Transformation exercise, Vision 2020. The growth strategy has been devised to drive sustained value creation for its stakeholders, with focus on professional project management, increase in efficiencies and world class customer service.

A detailed five year plan has been laid out to achieve annual group sales of 13.3 mnsq feet by the year 2020. The area under execution is targeted at approximately 55 mnsq feet, thereby increasing its development capacity over three times in the next five years.

The Group is in the process of reorienting its resources towards growth targets and has announced concrete measures in this direction with initiatives focussed around Human Capital management, Project management and advances in construction technology. This would also address improvements that would account to better workflow systems, profitability and management of customer expectations.

The Group has initiated several key changes to its organizational structure starting with the re-designation of Mr. Ashish Puravankara, as Managing Director heading the business operations.

Mr. Nani Choksey the current Deputy Managing Director, will take over as Joint Managing Director. Mr. Jackbastian Nazareth’s role as Group CEO, has been further advanced as Chief Development officer responsible for the overall development of the business. Mr. Nazareth would be instrumental in implementing the growth strategy, focusing on high quality, timely delivery and transparency.

The strategy will be anchored around the 5 cities of presence (namely Bangalore, Chennai, Hyderabad, Pune & Mumbai) through two compelling brand propositions (Puravankara for Luxury & Provident for Premium Affordable). While the Group shall continue to retain the independent identity of these two Brands, the internal employee teams have been re-structured so as to create a unified “Shared Services” employee architecture. The merging of key functions like Sales, Marketing, Customer Relationship Management and Technical would reduce costs, increase productivity and drive synergies across both brands.

With a legacy of 40 successful years the Puravankara Group has seen several economic cycles in the Industry and has the knowledge bank to set the right course for its growth. Mr. Ravi Puravankara Chairman, Puravankara Projects Limited expressed “These are promising times for the industry in general, and Puravankara is poised to leverage its expertise for the next phase of growth with Vision 2020. The new organisation structure will speed decision making, increase productivity and improve efficiency while providing a simplified customer experience. I am confident that under Ashish’s able leadership, the Group will achieve newer heights”

About Puravankara Projects Limited:

Puravankara Projects Limited is a leading real estate company in India, with significant presence in Bengaluru, Kochi, Chennai, Coimbatore, Hyderabad and Mysore. The company has 24.01 million sft of projects under development with additional 82.03 million sft in projected development over the next few years.

Puravankara Projects Limited is listed on the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange (BSE). For further information on Puravankara, please visit website: www.puravankara.com.

About Provident Housing Limited:

Provident Housing Ltd. is a wholly owned subsidiary of the group. It was established in 2008, in response to the growing demand for mid-segment housing. Provident has launched 13.93 million square feet across the cities of Chennai, Bengaluru, Mangalore and Coimbatore of which 4.55 million square feet has been completed and delivered. Provident has a pipeline of 5.48 million square feet across Bengaluru and Hyderabad and these projects will be launched in the ensuing quarters. For more information on Provident, please visit www.providenthousing.com