Puravankara sells 50% stake in Kochi project to Sobha for Rs. 326cr.

Realty firm Puravankara Projects Ltd. has sold 50% stake in its upcoming project at Kochi to Sobha Developers for Rs. 326 crore.

Both Bangalore-based companies will jointly develop a housing project on this 16.69 acres of land near Marine Drive in Kochi, Kerala. The company has entered into a co-owner agreement with Sobha Developers to develop this project.

'This is to inform that the Puravankara Projects has sold by way of sale deed and agreement for sale to Sobha Developers Ltd., lands in Marine Drive Kochi Kerala and as co-owner, Sobha Developers would be constructing a residential project at Marine Drive in Kochi Kerala,' Puravankara said in a filing to the BSE recently.


BS