Puravankara ties up with Keppel Land for township project

Puravankara Projects Limited has entered into a collaborative agreement to form a joint venture with Keppel Land Limited, the property arm of the 54-per cent owned Korean government-linked conglomerate, Keppel Corporation Limited, to develop an integrated township worth over Rs 400 crore.

The joint venture with Puravankara Projects Limited has been granted the in-principle approval by the Foreign Investment Promotion Board (FIPB).

The proposed project will be a high-rise condominium development comprising more than 2,000 apartments with comprehensive recreational facilities, spread over 24 acres, located at JP Nagar in south of Bangalore city.

Ravi Puravankara, chairman of Puravankara Projects Limited, said: "Bangalore city which has for long been hailed as the Silicon Valley of India possesses one of the fastest growing populations in the country, thereby bringing about a need for quality residential and township developments. Our endeavor, through such joint ventures is to bring in international quality of construction to the people in our country and provide them an international living experience."

Kevin Wong, managing director of Keppel Land, said: "Our first foray into India is timely and strategic with the country's economy, now the fourth largest in the world, taking off, and with growing affluence amongst its huge population. We hope to leverage our association with the Puravankara Group to establish our presence as a premium regional property developer in India."

The joint venture has also plans to explore other key Indian markets such as Mumbai, Delhi, Chennai, Kochi, Hyderabad and Kolkata for development opportunities. The first phase of the proposed project in Bangalore is expected to be launched in early 2006.