To build a housing project in Chennai, real estate firm Sobha Ltd. has signed a joint development agreement (JDA).
In a statement, property consultant Savills India claimed to have facilitated Sobha Ltd. negotiate a joint development agreement for a 2.5 acre land parcel 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.
Instead of buying land outright, many real estate developers now prefer to enter into JDAs with landowners to expand their businesses.
