Realty firm Puravankara Projects has signed a 30-acre land deal in Pune. It is a joint venture between the company and two land owners - i.e, Pune-based Oxford Group and Mumbai based Ekta Group.
The joint venture is based on profit sharing between the company and the land owners in the proportion of 32:68. Purvankara would hold 32 percent share and the rest would be held equally by the land owners.
The company has already made a deposit of Rs 30 crore and post reimbursing land owners for the land cost, profits will be shared on a 50-50 basis
The deal has been signed for development of a prime residential property of about 2 million square feet in Mundhwa, Pune East, which will done by Puravankara. The company plans to launch the project in March 2015 and expects average realisation of close to Rs 6500-7000 per Sq ft.The project topline is estimated to be between Rs 1600 crore and the cost of project is estimated around Rs 600-700 crore.
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