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February 22, 2024
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Provident Housing releases ESG report highlighting commitment to sustainable construction

Bengaluru: Provident Housing Limited, a wholly owned subsidiary of Puravankara Limited, focused on large-scale community housing, unveiled its second Environment, Social and Governance (ESG) report that highlights how the company is leading the way towards sustainable operational and business practices by adopting new technologies and reducing its impact on the environment.

The report demonstrates Provident Housing’s commitment to sustainable construction, and it records that conservation across all projects led to water savings of nearly 210 KL. The company’s effective waste management practices resulted in the repurposing of 60 loads of construction and demolition waste for roadworks at project sites. The transition to paperless operations, in addition to yielding cost savings, has positively impacted biodiversity conservation.

On the governance front, the company has made significant strides in promoting gender diversity in its workforce. There has been a 41% increase in the hiring of female employees, contributing to an overall gender diversity ratio of 33%. Provident Housing also recorded 100% safety across all sites during the reporting period.

As part of the larger community outreach, Provident has undertaken projects to revive heritage wells for water conservation to build resilience among local communities.

“From FY24-25, SEBI has proposed ESG disclosures according to the BRSR Core for the top 250 companies on a comply-or-explain basis beginning in 2024, with assurance beginning the following year. While Provident Housing is not independently listed, we have started the procedure for ESG reporting. This paves the way for not only good practices but also for future readiness,” said Mallanna Sasalu, CEO of Provident Housing.

Addressing the media in Bengaluru, Sasalu also discussed future plans for Provident Housing. On a question about Provident Housing being listed independently, he said, “It is premature to discuss such topics. We are in the process of building the business to larger possibilities. Anything is possible at the appropriate time.”

Sasalu also discussed the state of the affordable housing segment and said, “Affordable housing today does not have the exact definition as it used to be. We continue to be in the same space as we were. Over the last decade, affordable unit prices have ranged between Rs. 45 lakh to Rs. 1.2 Crore in metropolitan cities. Our focus continues to be on this market segment, as this is the largest pie in the residential housing business.”

The full copy of the ESG report released by Provident Housing is available at http://bit.ly/41bPSs1 

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