Puravankara Projects today said it has entered into an agreement with Mexico-based Homex India Private to form a joint venture company for affordable housing projects.

The company and Desarrolladora Homex, through its subsidiary Homex India Private has signed a memorandum of understanding through which the companies have established a joint venture company, Puravankara Projects said in a release.

"We look forward to this exciting opportunity that the JV represents. There is a huge requirement in India for affordable entry-level housing to be built across the country," Puravankara Chairman and MD Ravi Puravankara said.

The first project of the joint venture company is expected to be in Chennai.

The Economic Times