New Delhi, Aug 25 (IANS): L&T Infra Finance has signed an agreement with Lavasa Corporation to purchase 20.23 hectares land in Lavasa City near Pune, a company statement said here Monday.

"L&T Infra Finance has signed an agreement with Lavasa Corporation for purchase of 20.23 hectares of land, with a development potential of 5 lakh sq ft at Mugaon town in Lavasa City, near Pune," the statement said.

Mugaon is the second town being developed in Lavasa City after Dasve. L&T Infra Finance proposes to utilize this land for corporate purposes and potentially for back-office requirements of L&T Financial Services, it said.

Lavasa is being developed by the Lavasa Corporation Limited, a subsidiary of Hindustan Construction Company (HCC).

"This move will also create employment opportunities and give impetus to the region's development," said Rajgopal Nogja, chief operating officer, HCC Group.

The Lavasa development comprises of five self-sustaining towns with capacity for a permanent resident population of approximately 240,000 and an estimated two million tourists per annum.