Puravankara Projects has entered into a joint development agreement to develop a 2-acre land parcel owned by Maharashtra Steel Rolling Mills in Bhandup suburb of Mumbai. The company is planning to develop a residential project, which marks Puravankara's re-entry into Mumbai.

Ashish Puravankara, joint managing director, Puravankara Projects said, "We have concluded the transaction, and we currently planning and conceptualizing the project. It would be a residential project and will be launched as soon as we have all the clearances. We estimate a top line of approximately 400 crores. We believe that the Bhandup suburb of Mumbai is very buoyant and has high potential. This would mark our foray back into Mumbai and we are very excited about the venture."

Shares of the company gained Rs 4.45, or 5.45%, to trade at Rs 86.05 at the BSE (Wednesday).