Massive Land Parcel Earmarked For Joint Prime Residential Development
Leading international property consultancy JLL India has closed a landmark joint development deal between Bangalore-based Puravankara Projects Limited, Pune-based Oxford Group and Mumbai-based EKTA World, who will jointly develop close to 30 acres of prime residential land in Mundhwa, East Pune.
This joint venture arrangement structured by JLL India will yield an expected 2 million square feet of prime residential space.
Anuj Puri, Chairman & Country Head, JLL India says, “In this joint venture, which brings into play the combined capabilities and expertise of three highly reputed real estate developers, the limelight falls squarely on one of Pune’s hottest real estate locations. Mundhwa is an exciting hotspot, thanks to its proximity to Koregaon Park, of which it is now considered an extension. Additional demand drivers in Mundhwa include the EON IT Park in Kharadi, Magarpatta IT/SEZ development and ready access to Pune’s airport and railway station.”
The three developers have expressed their complete satisfaction with the structuring of this joint venture deal. From a residential real estate viewpoint, Mundhwa is now the location of choice for infotech employees from Pune’s Magarpatta, Kharadi and Kalyaninagar IT hubs. 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.
This project marks the entry of Puravanakara Projects Limited, one of the most renowned developers of South India, into the thriving West India market. The partnership with established West India players Oxford Group and EKTA World will bring their combined expertise on luxury living to bear in one of Pune’s most promising micro-markets.