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Construction : Real Estate | May 2014 | Source : Construction Update

Sobha Developers acquires PPL lands in Kochi

Sobha Developers Ltd has informed BSE regarding an agreement with Puravankara Projects Ltd being an arrangement for execution of a Project in Kochi, Kerala as Co-Owners. As per the agreement, the company has acquired Purvankara Projects Ltd lands in Kochi, Kerala by way of Sale Deed and Agreement for Sale. As a co-owner with Purvankara Projects Ltd, the company will be constructing a super luxurious residential project near Marine Drive in Kochi. The project comprises constructing a residential building complex having a saleable area of approximately 3 million square feet in a land area of 16.69 acre. The project is located in Kanayannur Taluk, Ernakulam District falling within the jurisdiction of Kochi Corporation is one of the prime and aesthetic locations in Kochi with the backwaters forming the perfect backdrop. The project execution is planned in phases subject to receipt of all statutory and regulatory clearances which have already been applied for. The total consideration for acquiring the co-ownership rights is Rs 326 crore. The company will also undertake the construction of the project and will be entitled to cost of construction plus a markup of 10 per cent over and above such cost. The company is also entitled to an additonal 5 per cent of the net profits of the project as management fees from Puravankara.
 
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