ET Bureau MUMBAI: Bangalore-based Puravankara Projects has entered into a joint venture with developers Ekta World and Oxford Group to develop nearly 30 acres of prime residential land at Mundhwa in Pune. The land parcel was jointly owned by Ekta World and Oxford Group. Puravankara is now joining them as an execution partner.
As part of the deal, Puravankara will get 50% of the projects' profit after reimbursing the land owners Ekta and Oxford Group, Ashish Puravankara, Joint MD, Puravankara Projects told ET.
“We are excited about this Joint venture in Pune, as this would mark our foray into the West Indian market. Pune offers great potential with its changing demographics and significant demand in Real Estate, across segments,” he said. Transaction advisor JLL India confirmed the transaction. Call and text messages to Ekta World, one of the land owners, went unanswered.
This joint venture arrangement is estimated to yield around 2 million square feet of residential space. The development will allow Puravanakara Projects, one of major developers in south India, to get a toehold into the west India market.
Developer Oxford Group is based in Pune while Ekta World is engaged in realty in Mumbai.
While the project will be branded jointly, Puravankara will be responsible for its construction and execution, the person added. It has secured in-principle approval for residential development.
The 30-acre land parcel is adjacent to another 43-acre plot owned by Oxford Group and Ekta World in Keshavnagar of Mundhwa. Earlier this year, both companies entered into a similar joint development pact with Godrej Properties to develop a premium housing project on this adjacent plot.
As part of the deal, Puravankara will get 50% of the projects' profit after reimbursing the land owners Ekta and Oxford Group, Ashish Puravankara, Joint MD, Puravankara Projects told ET.
“We are excited about this Joint venture in Pune, as this would mark our foray into the West Indian market. Pune offers great potential with its changing demographics and significant demand in Real Estate, across segments,” he said. Transaction advisor JLL India confirmed the transaction. Call and text messages to Ekta World, one of the land owners, went unanswered.
This joint venture arrangement is estimated to yield around 2 million square feet of residential space. The development will allow Puravanakara Projects, one of major developers in south India, to get a toehold into the west India market.
Developer Oxford Group is based in Pune while Ekta World is engaged in realty in Mumbai.
While the project will be branded jointly, Puravankara will be responsible for its construction and execution, the person added. It has secured in-principle approval for residential development.
The 30-acre land parcel is adjacent to another 43-acre plot owned by Oxford Group and Ekta World in Keshavnagar of Mundhwa. Earlier this year, both companies entered into a similar joint development pact with Godrej Properties to develop a premium housing project on this adjacent plot.
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