)
Puravankara has entered into a joint development agreement with MSRM to develop a 2-acre land parcel in Bhandup suburb of Mumbai. With this, the company will make a re-entry into Mumbai's property market, the company said in a filing to BSE.
"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 topline of about Rs 400 crore as the Bhandup suburb has very high potential," Ashish Puravankara, joint managing director, Puravankara Projects Ltd said.
Puravankara Projects has presence in Bengaluru, Chennai, Coimbatore, Hyderabad, Kochi and Mysore. The company has 25.52 million sq ft of projects under development with additional 79.83 million sq ft in projected development over the next 7-10 years.
