on our company each user has a Projects directory under it's home, something like:
/home/username/Projects
This directory holds all current projects, let's say you want to check the Foogram project, it would be at:
/home/username/Projects/Foogram
The virtualenv is created inside the project folder, as a .venv dir, thus the following directory contains the virtualenv:
/home/username/Projects/Foogram/.venv
Now, you will most surely want to use a DVCS (distributed version control system), like Git or Mercurial. Putting the venv and binary files under the DVCS is generally a bad idea, so you should add a rule to avoid the .venv dir being added to the repository. Using Mercurial you can achieve this by editing the .hgignore file. You can do that by doing:
nano /home/username/Projects/Foogram/.hgignore
Add the following line:
.venv/*
This will ignore the .venv directory and everything inside it. You should probably also take your time to add the following rules to the .hgignore:
*.pyc
*.*~
*.log
*.orig
These rules will help you keep your repository sane.