Sobha forms JV to build a housing project in Chennai

Sobha Ltd has entered into a joint development agreement (JDA) to build a housing project in Chennai.

Property consultant Savills India said in a statement that it facilitated a joint development deal for a land parcel of 2.5 acre for Sobha Ltd in Chennai.

“We are looking to leverage the growing demand in premium residential through this joint development. The connectivity and social infrastructure of Velachery are going to be a bonus for this project,” said Ravi Namboodiri, Regional Head Tamil Nadu, Sobha.

Bengaluru-based Sobha Ltd is one of the leading real estate firms in the country.

Many real estate developers are now preferring to enter into JDAs with landowners, instead of outright purchase of land, to expand their businesses.