The company expects to generate sales of close to Rs 1,000 cr over the next five years from the project, Puravankara said, adding that the construction contract has already been awarded to L&T, arguably India’s top construction firm.
The mixed-use ‘premium affordable’ project will be under its Provident Housing, and will offer residential homes with “world-class amenities, retail spaces with high street coffee shops, restaurants, spa and boutiques with unmatched hospitality & leisure retail experience”.
“Adora De Goa is a unique residential project integrated with features of a resort that resonates with the nature and culture of the state,” Puravankara said, adding that the company wants to offer an “affordable option for everybody who wants a slice of the happy state of Goa.”
Pricing will be determined by demand using a quasi book-building method, the company said.
Unlike other players, the company said it will target both local buyers as well as, and will keep the pricing within the range of affordability for local buyers. The homes will have expensive features yet will be inexpensively priced, the company claimed.
“Over the years there seems to be a trend amongst buyers to invest in Goa as the residential properties here come with competitive prices, offers scenic locations and spacious homes and buyers intend to invest given the tourism relevance of the state,” said MD Ashish Puravankara.
“But we also believe, our product will have a significant demand from the local home buyers in Goa and has hence been designed keeping in mind the local sensibilities,” he said. For those from outside the state, it will be sold as a vacation home.
The properties will feel Goan outside and modern inside, the company said. It will use bright coloured façades that Goa is popular for, street size Piazza, Baroque statues, Portuguese arch windows and canopies and hand painted tiles to retain a Goan look & feel.
“Yet the Home inside is modern with Rain Shower Digital Locking systems and fixtures from world class brands,” it said.
The property will also contain a full-fledged hotel or service apartment complex built and operated by The Park Hotels under its Zone by the Park brand.
Puravankara said the Adora de Goa project is a part of the company’s plan to develop over 10 million sq.ft of affordable housing projects.
“Goa is the second launch in this pipeline (of affordable projects) and the first of our launches in Western India following our Bengaluru launch In January. The near future will see further launch announcements in the western region which will further strengthen our position in the region,” he added.
Affordable housing has become a catchword in recent months, by which different developers mean different things.
While some like Mahindra Lifespaces are launching flats for as little as Rs 8 lakhs under its affordable housing projects, most others price their offerings in the Rs 25-50 lakh range, depending on the market. For example, a Rs 50 lakh flat could be considered ‘affordable’ in south or central Bombay, but will be counted as a luxury project in a market like Cochin.
Puravankara said it developed a new growth plan in November last year for the next 12-15 months.
It will will develop over 15 million sq.ft of land across Mumbai, Goa, Pune, Bangalore and Chennai under this plan. Of this, two-thirds, or over 10 million sq. ft, will be in the “premium affordable” category under the Provident brand. The company plans to invest Rs 3200 cr to implement its vision.
The company recently launched a “premium affordable” housing project in home market Bangalore under the name Provident Park Square. It was also put under the ‘book-building’ method of price discovery in which the price will depend on demand levels.
Besides the commercial and residential structures, the Adora project will also have a ‘water leisure zone’ known as The Blu.
It will have snorkelling zones, sunken bar, lazy-river, an aqua gym, water slides, open air jacuzzies, private cabana and a pool side restaurant servicing the area.
The company started out in Bombay, but shifted to Bangalore about thirty years ago, and is now in the process of re-entering the Western Indian market.