Punj Lloyd sells 50% stake in Ramprastha JV

Punj Lloyd has decided to quit the real estate business by ending its two-year-old joint venture with realty firm Ramprastha group. Punj Lloyd will sell it’s 50% stake in the joint venture company that was supposed to develop 29-acre residential project in Ghaziabad. "We are no more interested in being a developer. Ramprastha will buy our stake and a deal is being worked out," Punj Lloyd chairman Atul Punj said. Punj Lloyd was supposed to do the entire construction for the Ghaziabad housing project. Punj Lloyd said that it will continue to take housing construction orders, but had abandoned its ambition to become a developer. The company is also executing some state-promoted housing projects in the Middle East. The company has a order backlog of US$4bn. It has increased its average ticket size of orders from US$25mn three years ago to US$225mn.