PVP Ventures amends deal with North Town to release 20 acre land in Chennai

The changes in the development agreement have emerged due to the slowdown in the real estate market

PVP Ventures Ltd has said that it has amended a Joint Development Agreement (JDA) with North Town Estates Pvt Ltd under which the latter will release 20 acres of undeveloped land in Chennai to PVP Ventures.

The changes in the development agreement have emerged in the wake of the slowdown in the real estate market during the past 3-5 years, said the company.

The company had entered into a JDA with North Town Estates along with its consortium partners, Arihant Foundations and Housing Development Limited and Unitech Limited, in 2008 to develop a residential township project on around 70 acres land parcel situated in Perambur village, Chennai.

PVP Ventures will have 20 acres of land parcel at its disposal, which can be used for development either on its own or in collaboration with third parties or in any other manner as it deems fit, the company said in a regulatory filing.