Shares of Puravankara Projects gained around 2 percent on back of news that the company has a signed a joint venture for 30-acre land in Pune. The stock touched an intraday high of Rs 96.80. At 12:32 hours it was quoting at Rs 93.15, up Rs 1.65, or 1.80 percent. It is a joint venture between the company and two land owners - i.e, Pune-based Oxford Group and Mumbai based Ekta Group. Puravankara will be developing the prime residential property of about 2 million square feet.The JV is based on profit sharing between the company and land owners in the proportion of 32:68.
Puravankara so far has successfully completed 36 residential/commercial projects spanning 7.80 million square feet. Currently, it has 29 million square feet of projects under development, with an additional 88 million square feet in projected development over the next 7-10 years.
It has significant presence in the metropolitan cities of Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore and overseas in Dubai, Colombo and Saudi-Arabia.
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