Puravankara and Sobha Signed Joint Development Deal in Kochi

Puravankara and Sobha Signed Joint Development Deal in Kochi

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10 year(s) ago

Puravankara and Sobha Join Forces for Luxury Kochi Development. Real estate developers Puravankara Projects Ltd. and Sobha Developers Ltd. have announced a collaboration to develop a premium housing project in Kochi. Puravankara Projects and Sobha Signed a Joint Development Deal in Kochi for 16.69 acres of land near Marine Drive, Kochi to develop a luxury housing project.

Project Highlights:

  • Location: 16.69 acres near Marine Drive, Kochi
  • Partnership: 50% stake each for Puravankara and Sobha
  • Project Cost: Rs 326 crore
  • Construction: Sobha Developers will handle construction with a 10% markup over cost

Financial Details:

  • Puravankara has received Rs 161.56 crore upfront.
  • Sobha will pay the remaining balance within 9 months of plan approval.
  • Puravankara plans to use the proceeds to reduce debt.
  • Sobha will also receive a 5% management fee from net profits.

Strategic Significance:

  • This project marks Puravankara’s entry into the Kochi market.
  • It strengthens Sobha’s presence in Kerala, a key southern market for them.

Additional Information:

  • Both companies will have equal rights in the project.
  • Sobha has a strong track record in Kerala with ongoing projects in Thrissur, Calicut, and Kochi.

This joint venture signifies a strategic alliance between two major developers to capitalize on Kochi’s growing luxury housing market.

 

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in

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