Puruvankara forms JV company with Mexico's Homex

Source:BS Reporter / Mumbai March 30, 2010, 11:52 IST

Puravankara, Bangalore-based real estate developers, announced a joint venture with Homex a subsidiary of Desarrolladora Homex of Mexico.


In a filing to Bombay Stock Exchange (BSE), the real estate developer said that 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.

“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,” said Ravi Puravankara, the Chairman and Managing Director of Puravankara Projects Limited.

“Our plan has been to cautiously assess opportunities to replicate our proven business model in other populous countries where the housing market is underserved. 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,” said Gerardo de Nicolas Homex’s Chief Executive Officer.

At BSE, the shares of the company were trading at Rs 97.50 up 2.79 per cent from its previous close at 11:51 am.