Realty developer Puravankara Projects is planning to invest Rs 480 crore to develop a residential project spread over 20 acres at Mundhwa in Pune, said a top company official.
In November 2014, the Bangalore-based developer had entered into a joint venture with developers Ekta World and Oxford Group to develop 30 acre land parcel. The land parcel was jointly owned by Ekta World and Oxford Group and Puravankara later joined them as an execution partner. Out of this, the project Purva Silversands will be developed on 20 acres. “Having entered this region, will continuously evaluate opportunities to increase our footprints,” said Ashish Puravankara, Managing Director, Puravankara Projects. “The first phase spread over 20 acres is expected to have potential of 1.5 million sq ft saleable space and revenue is estimated to be around Rs 1,000 crore.”