News Point: The project was oversubscribed by 1.6 times with Puravankara receiving 1300 expression of interests as a part of their unique quasi book building based price discovery process.
Provident Park Square has been a disruptive force in the Bengaluru realty market, by selling out on the very night of its launch event.
Amidst the presence of over 1800 prospective home buyers, Provident Housing, a 100% subsidiary of Puravankara Limited, announced the successful culmination of the book building process for its first project in the RERA era and revealed its opening price points for the project, based on demand & supply metrics analysed during its quasi booking building process.
Provident Park Square is located at Judicial Layout, Kanakapura Road, Bangalore and was launched through a quasi-book building process on 14th of January’18 which culminated on March 24th.
The entire project comprises of 2082 units, which together with all available facilities and the upcoming micro mall will make Provident Park Square a thriving community on its own.
1300 prospective home buyers who actively participated by Expressing Interests to Buy were offered reservation to a dream home of their choice, at a “Uniform Unit Price”, based on first-cum-first-serve queuing methodology.
This price discovery mechanism works like a bidding process where preference is given to the bidder who was first in submitting an expression of interest. Owing to its par-excellence quality, customer loyalty and world class amenities, the project received over 1300 EOIs and was oversubscribed by 1.6 times and the waitlist applications received allotments in the future phases.
Ashish R. Puravankara, Managing Director, Puravankara Limited says, ‘The exemplary response we received for Provident Park Square is testament of the customer’s urge to buy quality products, and we are grateful to our buyers for instilling trust in our brand and product. This validates the recent industry reports which predicted an overwhelming upward growth for the real estate sector. The growth of the premium affordable housing segment has further expanded the market as the home buyers opt to buy homes that come with excellent quality features, good amenities and most importantly within their budget. We are elated that we are able to offer buyers a product which matches their expectations in terms of both pricing and more importantly quality’.
He further adds, ‘In Q2 2018, we had committed to develop over 10 million sq. ft of affordable housing projects in the next 12-15months. Provident Park Square in Bangalore and our recently launched project in Goa, Adora De Goa, are our steps in that direction. Adora de Goa is our first venture in the state and is an integrated development which includes residences, a full-fledged resort and retail spaces. We have opened the expression of interest process for the project and shared the price bracket with buyers, the expected launch for this is April’18.’
With the industry having faced some trying times in the recent past, this positive buyer sentiment comes as an indicator of growth for the sector.
