Puravankara Projects on Monday said it has entered into an agreement with Mexico-based Homex India Private to form a joint venture company for affordable housing projects.
The company and Desarrolladora Homex, SAB de CV, through its subsidiary Homex India Private has signed a memorandum of understanding (MoU) through which the companies have established a joint venture (JV) company, Puravankara Projects said in a release.
"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," Puravankara Chairman and MD Ravi Puravankara said.
The first project of the joint venture company is expected to be in Chennai.
Desarrolladora Homex, SAB de CV is a leading home developer specialising in building communities for the affordable entry-level and low middle-income housing markets.
"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," Homex's Chief Executive Officer Gerardo de Nicolas said.
Shares of Puravankara Projects were trading at Rs 97.75, up 3.06 per cent from previous close.