Realty firm Puravankara Projects today said it expects a revenue of about Rs 400 crore from a new housing project in Mumbai suburb to be jointly developed with land owner.

“The company has entered into a joint development agreement to develop a 2-acre land parcel owned by Maharashtra Steel Rolling Mills in Bhandup suburb of Mumbai,” said the Bengaluru-based developer in a filing to the BSE.

Puravankara is planning to develop a residential project which marks the company’s re-entry into Mumbai, it added.

“We have concluded the transaction, and are currently planning and conceptualising the project. It would be a residential project and will be launched as soon as we have all the clearances. We estimate a top line of approximately Rs 400 crores,” Puravankara Projects Ltd Joint Managing Director Ashish Puravankara said.

He noted that the Bhandup suburb of Mumbai is very buoyant and has high potential.

“This would mark our foray back into Mumbai, and we are very excited about the venture,” Puravankara said.

Promoters had developed about 12 projects in Mumbai under different brand before the incorporation of Puravankara Projects.

In November, it had set up a joint venture for developing a 30-acre housing project in Pune. It had formed JV with the land owners — Pune-based Oxford Group and Mumbai-based EKTA World — and the deal was facilitated by the property consultant JLL India.

Besides Bengaluru, the company has significant presence in Kochi, Chennai, Coimbatore, Hyderabad and Mysore.

The company has 25.52 million sq ft of projects under development with additional 79.83 million sq ft in the pipeline over the next 7-10 years.

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