NEW DELHI: Puravankara Projects Ltd has entered into a joint development agreement to develop a housing project on a two-acre land parcel in Mumbai.
It estimates a sales revenue of about Rs 400 crore from this project.
The land, located at Bhandup suburb of Mumbai, is owned by Maharashtra Steel Rolling Mills.
According to sources, the two companies have concluded the joint development agreement.
Bangalore-based Puravankara is planning to develop a residential project on this land.
This project will mark the re-entry of promoters of the company in Mumbai real estate market.
When contacted, company's joint MD Ashish Puravankara confirmed the development saying that: "We have concluded the transaction, and are currently planning the project".
The company would launch the project after getting the necessary approvals. It estimates a sales revenue of about Rs 400 crore from this project.
"This would mark our foray back into Mumbai, and we are very excited about the venture," he said.
Promoters had developed 12 project in Mumbai under different brand.