Real estate developers Puravankara Projects has sold 50 per cent stake in its upcoming project in Kochi to Sobha Developers for Rs 326 crore.
With this deal, both the companies will jointly develop a housing project on the 16.69 acres of land near Marine Drive in Kochi. 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 Bombay Stock Exchange. “The total consideration of `326.56 crore will be paid by Sobha Developers,” Puravankara said. Puravankara has already got `161.56 crore and Sobha Developers would pay rest of the amount within nine months from the date of receipt of plan approval.
“The company will be using the proceeds substantially to prepay debt,” Puravankara said.
In a separate filing, Sobha Developers said: “The total consideration for acquiring the co-ownership rights is `326 crore”.
Sobha said it will undertake the construction of the project and will be entitled to the cost of construction plus a mark-up of 10 per cent over and above such cost.
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