Puravankara enters JV for residential project in Pune
A 500 crore housing project is likely to come up in Pune. Puravankara Projects has entered into a joint venture in Pune to make this project a reality. The project will be developed in an area of 30 acres and Rs 500 crore is likely to be spent, as per the initial estimates.
Joint Venture
The project is a joint venture between Puravankara and the land owners, Oxford Group based in Pune and EKTA World based in Mumbai. Property consultant JLL India has acted as a facilitator in the deal.
Ashish Puravankara, the Joint Managing Director of Puravankara Projects while confirming the news pointed out that the company has entered into a joint venture and will be working on developing 30 acres of land for residential purpose in Mundhwa in Eastern Pune. In this mega project, 1,600 housing units which would be covering 2 million sq ft area would be covered.
The project is likely to be begin in March 2015 and will take four years to be completed. The necessary approvals for the project are being taken and the work will begin next year, as per Ashish Puravankara. Majority of the funding in this project is likely to come from sales realisation as the amount involved is huge.
The revenue generated from the project will be shared among the three stakeholders of the project. The revenue part of each of the partner has however not been disclosed as yet. This is the first time; Puravankara is trying its hand in the property market in Western India. The city is home to a budding IT professional population and people are looking in large numbers to own their house in this developing city.
The mega housing project is likely to offer them an opportunity to have a home of their own in Pune. When asked, if Puravankara would be venturing into real estate market in New Delhi and NCR market, Ashish observed that as of now they do not have any plans of venturing into the region but would consider the deal, if they get good partnerships here too.
References:
Business Standard
Ashish Puravankara, Ekta, JLL India, joint venture in Pune, Property consultant JLL India, Puravankara enters JV for housing project in Pune, residential purpose in Mundhwa
