Provident Housing Showcases Environmental and Social Initiatives in Latest ESG Report

Provident Housing, a subsidiary of Puravankara, has recently published its second Environment, Social, and Governance (ESG) report. This report underscores the company's leadership in adopting sustainable operational and business practices through new technologies and reduced environmental impact.

The report highlights Provident Housing's dedication to sustainable construction, noting significant water conservation across all projects, with savings of nearly 210 KL. The company's effective waste management practices have led to the repurposing of 60 loads of construction and demolition waste for roadworks at project sites. Additionally, the shift to paperless operations has not only resulted in cost savings but also positively contributed to biodiversity conservation.

In terms of governance, Provident Housing has made notable progress in enhancing gender diversity within its workforce. There has been a 41% increase in female employee recruitment, resulting in a gender diversity ratio of 33%. The company also achieved a 100% safety record across all its sites during the reporting period.

The company has also been actively involved in community projects, such as reviving heritage wells for water conservation, to strengthen resilience in local communities.

Mallanna Sasalu, CEO of Provident Housing, mentioned that starting from FY24-25, SEBI has proposed ESG disclosures as per the BRSR Core for the top 250 companies on a comply-or-explain basis, starting in 2024, with assurance beginning the following year.

He stated that although Provident Housing is not independently listed, they have initiated ESG reporting, which not only fosters good practices but also prepares them for future challenges.

During a media address in Bengaluru, Sasalu discussed future plans for Provident Housing. Regarding questions about Provident Housing's independent listing, he indicated that it's too early to delve into such discussions, as they are focused on expanding the business to broader possibilities, keeping all options open for the right time.

Sasalu also commented on the evolving affordable housing segment, noting that the definition of affordable housing has changed over time. He emphasized that Provident Housing continues to focus on this market segment, where unit prices in metropolitan cities have ranged between Rs 45 lakh to Rs 1.2 crore over the last decade, as this represents the largest segment in the residential housing business.