Realty firm Puravankara enters JV for housing project in Pune

NEW DELHI: Realty firm Puravankara Projects has entered into a joint venture for developing a 30-acre, Rs 500 crore housing project in Pune.

Bangalore-based Puravankara today said it formed JV with the land owners, Pune-based Oxford Group and Mumbai-based EKTA World, and the deal was facilitated by the property consultant JLL India.

"We have entered into joint venture for the development of 30 acres of prime residential land in Mundhwa, east Pune," Puravankara Projects Joint Managing Director Ashish Puravankara told PTI.

"We will be developing about 1,600 housing units covering 2 million sq ft area. The project is likely to be launched by March next year after getting necessary approvals and it will be delivered in four years," he added.

Asked about investment, he said the construction cost of this project would be about Rs 500 crore, which will be largely funded from sales realisation.

Giving details about the JV, Puravankara said the three partners would share revenue from this project, but did not disclose in which ratio.

He noted that joint venture in Pune marks the company's foray into the country's western market. "Pune offers great potential with its changing demographics and significant demand in real estate, across segments."

Asked about reports of foray into the Delhi-NCR market, he said "there is no immediate plan" but company would consider if it gets some "exciting joint venture opportunity".

Puravankara said the company would not buy land for the development of projects in the Delhi-NCR market.

JLL India Chairman & Country Head Anuj Puri said in a statement that "in this joint venture, which brings into play the combined capabilities and expertise of three highly reputed real estate developers, the limelight falls squarely on one of Pune's hottest real estate locations".
Puravankara is currently developing 25.52 million sq ft of projects and nearly 80 million sq ft is in pipeline over the next 7-10 years. Apart from Bangalore, the company has presence in Kochi, Chennai, Coimbatore, Hyderabad and Mysore. It is also developing project in Sri Lanka.