Puravankara gains on JV deal for prime land in Pune

Shares of Puravankara Projects were up 3% at Rs 94 after the company said it has entered into a joint venture deal with Pune-based Oxford Group and Mumbai-based EKTA World to develop nearly 30 acres of prime residential land in Mundhwa, Pune.

“We are excited about this joint venture in Pune, as this would mark our foray into the West Indian market. Pune offers great potential with its changing demographics and significant demand in real estate, across segments”, the release said quoting joint managing director, Ashish Puravankara

The development would yield an expected 2 million square feet of prime residential development and was structured by JLL's Capital Markets division, the release added.

The stock opened at Rs 92 and touched a high of Rs 97. At 13:45PM, over 241,000 shares were traded on both the stock exchanges.