In a landmark joint development deal, Bangalore-based Puravankara Projects, Pune-based Oxford Group and Mumbai-based Ekta World, will jointly develop close to 30 acres of prime residential land in Mundhwa, Pune.
The joint venture arrangement was structured by property consultancy JLL India, which in a statement said the deal would yield an expected 2 million square feet of prime residential space.
Mundhwa is now a location of choice for infotech employees from Pune’s IT hubs. The project also marks the entry of Puravankara Projects, a South India based developer into the western Indian market.
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“In this joint venture, which brings into play the combined capabilities and expertise of three highly reputed real estate developers, the limelight falls squarely on one of Pune’s hottest real estate locations,’’ Anuj Puri, Chairman & Country Head, JLL India said in a statement.