Puravankara to develop housing project in Mumbai suburb

NEW DELHI: Puravankara Projects Ltd has entered into a joint development agreement to develop a housing project on a two-acre land parcel in Mumbai.

It estimates a sales revenue of about Rs 400 crore from this project.

The land, located at Bhandup suburb of Mumbai, is owned by Maharashtra Steel Rolling Mills. According to sources, the two companies have concluded the joint development agreement.

Bangalore-based Puravankara is planning to develop a residential project on this land. This project will mark the re-entry of promoters of the company in Mumbai real estate market.

When contacted, company's joint MD Ashish Puravankara confirmed the development saying that: "We have concluded the transaction, and are currently planning the project".

The company would launch the project after getting the necessary approvals. It estimates a sales revenue of about Rs 400 crore from this project.

"This would mark our foray back into Mumbai, and we are very excited about the venture," he said. Promoters had developed 12 project in Mumbai under different brand.

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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.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.