Puravankara inks deal to develop land in Bhandup

MUMBAI: Bengaluru-based Puravankara Projects has forayed into the country's most expensive property market with a joint development pact for a 2-acre land parcel in Bhandup, a Mumbai suburb.

This is for the first time that a developer from the South has entered the Mumbai property market.

The land parcel that housed a factory earlier on LBS Marg in Bhandup is owned by Maharashtra Steel Rolling Mills.

Both the partners have now decided to convert the land usage to residential from industrial and develop a premium housing project here.

Ashish Puravankara, joint MD of Puravankara Projects, confirmed the joint venture pact.

"We have concluded the transaction and are currently planning and conceptualising the project. It would be a residential project and will be launched as soon as we have all the clearances. We estimate a top line of approximately Rs 400 crore," Puravankara said in an email response.

The land parcel has a total residential development potential of nearly 2 lakh sq ft.

An email query to Maharashtra Group, the parent company of Maharashtra Steel Rolling Mills, didn't elicit any response until the time of press. Transaction advisor CBRE declined to comment for the story .

In November, Puravankara Projects announced that it has entered into a joint venture deal to develop approximately 30 acres of residential land in Mundhwa, Pune's east.The joint venture partners for this land parcel are Pune-based Oxford Group and Mumbai-based Ekta Group. This was the first project for the group from south India, where it has a strong presence.

Mumbai, the commercial capital of the country , had earlier witnessed large realty developers like DLF and Unitech entering the market.

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MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

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