Puravankara Projects Ltd has entered into a joint development agreement to develop a housing project on a two-acre land parcel in Mumbai's Bhandup suburb.

It estimates a sales revenue of about Rs 400 crore from this project.

The land, located at Bhandup suburb of Mumbai, is owned by Maharashtra Steel Rolling Mills.

Bangalore-based Puravankara is planning to develop a residential project on this land.

This project will mark the re-entry of promoters of the company in Mumbai real estate market.

When contacted, company's joint MD Ashish Puravankara confirmed the development saying that: "We have concluded the transaction, and are currently planning the project".

The company would launch the project after getting the necessary approvals. It estimates a sales revenue of about Rs 400 crore from this project.

"This would mark our foray back into Mumbai, and we are very excited about the venture," he said.