Puravankara announces a Joint Venture with Homex of Mexico

Puravankara Projects Limited (Puravankara) and Desarrolladora Homex, S.A.B. de C.V., through its subsidiary Homex India Private Limited (Homex) announced today the signing of a Memorandum of Understanding through which the companies have established the rules for a non-exclusive Joint Venture Company to undertake projects in the affordable entry-level housing segment. The first project of the Joint Venture Company is expected to be in the metro area of Chennai, in South India.

Ravi Puravankara, the Chairman and Managing Director of Puravankara Projects Limited, expressing confidence about the new partnership said, “We look forward to this exciting opportunity that the JV represents. There is a huge requirement in India for affordable entry-level housing to be built across the Country, and with the expertise and proven business model of Homex and Puravankara’s track record and experience in Indian housing, we feel confident that through the combination of skills and market understanding -which is unparalleled in India-, we can become industry leaders in this segment”.

Commenting on the signing of the Memorandum of Understanding, Gerardo de Nicolas, Homex’s Chief Executive Officer, said, “We are enthusiastic about this relationship with Puravankara as it represents an important growth opportunity for Homex in India.  Our plan has been to cautiously assess opportunities to replicate our proven business model in other populous countries where the housing market is underserved.  At the same time, we are confident in the success of our relationship with Puravankara, as it has a track record of 35 years in the housing market in India and an inventory of suitable permitted land that will allow us to start our first pilot project with a reduced investment. We will be adding our expertise and business model to what we both feel is a strong business opportunity in India’s affordable, entry-level market.”

About Puravankara
The Puravankara Group, headquartered in Bangalore, is one of the leading real estate developers in India serving the needs of a discerning clientele in the housing, commercial and retail spaces. The Group with 35 years of experience has established a considerable presence in the metropolitan cities of Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Kolkata and overseas in Colombo and Dubai. The Group has an extensive and considerable land bank of 125.17 million square feet across India. Currently, the developing projects amounting to about 19.13 million sq.ft. represent 13,355 homes across South India and Kolkata. Puravankara Projects Limited is listed on the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange (BSE). For further information on Puravankara, please visit www.puravankara.com.

About Homex
Desarrolladora Homex, S.A.B de C.V. is the industry leading home developer specializing in building communities for the affordable entry-level and low middle-income housing markets, in addition to building tourism developments through their HXMTD division. The company was founded 20 years ago and has built over 160 communities in 34 cities in 21 different states in Mexico. The company is one of the most geographically diverse homebuilders in the country and a leader in the most important local markets. Based on income, number of homes sold, and net profits, Homex is the fastest growing developer in Mexico. The company is listed on the Mexican Stock Exchange (BMV) and on New York Stock Exchange (NYSE), and is the only company belonging to the OECD’s Latin American Corporate Governance Roundtable. For more information, please visit www.homex.com.mx.