Not pulling out of Hi-Tech City project: Puravankara

Mumbai: Puravankara Projects has said the company has not pulled out of the Hi-Tech City project in Hyderabad.

Reacting to news reports that said the realty major had pulled out of the project, Ravi Ramu, Director - Finance, Puravankara, said the company had only sought the Andhra Pradesh government's nod on a waiver for third tranche, which was granted.

In 2007, Puravankara won a Rs 630-crore land deal and the company had paid two installments of Rs 403 core for 20 acres.

Ramu said that Puravankara would retain the ownership of 20 acres of land that it has paid for.

The waiver, he added, came as a relief in tough environment and tight liquidity that was prevalent in the real estate industry.