Puravankara announces JV with Homex
Bangalore based real estate developer Puravankara Projects has entered into a non-exclusive joint venture with Homex India, a subsidiary of Desarrolladora Homex, to undertake projects in the affordable housing segment. The first project of the JV company is expected to be in the metro area of Chennai, in South India.
Ravi Puravankara, Chairman and Managing Director, Puravankara Projects, said: “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, we can become industry leaders in this segment.”
Mexico-based Desarrolladora Homex is one of the leading home developers specialising in building communities for the affordable entry-level and low middle-income housing markets.
“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,” said Gerardo de Nicolas, Chief Executive Officer, Homex.
Puravankara has considerable land bank of 125.17 million square feet across India.