Pune: Bangalore-based leading property developer Puravankara
Projects Limited has entered into a joint venture with Pune's Oxford Group
and Mumbai-based EKTA World, to develop a residential property at Mundhwa in
East Pune.
Having close to 30 acres of prime residential land for
development, the deal was closed with the help of Jones Lang Lasalle India (JLL
India), a real estate research and consultant firm.
This joint venture arrangement, structured by JLL India,
will yield about two million square feet of prime residential space for
development.
Commenting on the
massive residential project in Pune, Anuj Puri, Chairman and Country Head, JLL
India, said, “Mundhwa is an exciting hotspot due to its proximity to Koregaon
Park. Additional demand drivers in Mundhwa include EON IT Park in Kharadi,
Magarpatta IT/SEZ development and proximity to Pune's airport and railway station."
From a residential
real estate viewpoint, Mundhwa is the choice of location for IT employees from
Magarpatta, Kharadi and Kalyaninagar. Adding to the high strategic value of
this micro-market are major malls such as Amanora Town Centre and Seasons Mall
on Hadapsar-Kharadi Bypass, and Phoenix Market City and Inorbit on Nagar Road,
a JLL India release said.
This project also marks
the entry of Puravanakara, one of the most renowned developers of South India,
into the thriving West India property market.
The partnership with established Oxford Group and EKTA World will bring
their combined expertise on luxury living in one of Pune’s most promising
micro-markets.
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