The sharp rise in the stock price comes after the company’s exciting announcement of securing redevelopment rights for Miami Apartments in South Mumbai’s upscale Breach Candy area.
Stock Market
South Mumbai Breakthrough
Puravankara, in an official statement to the exchange, revealed, “We are thrilled to inform you that Puravankara Limited has acquired the redevelopment rights for Miami Apartments, a prestigious society in Breach Candy, South Mumbai.”
Covering over 2,000 square meters, Miami Apartments marks Puravankara’s entry into the elite South Mumbai market, where real estate prices range from Rs 1,25,000 to Rs 1,40,000 per square foot.
“Our entry into South Mumbai with Miami Apartments is a milestone for us. This project emphasizes our commitment to unparalleled luxury and reinforces our vision of creating iconic living spaces in sought-after locations,” stated Ashish Puravankara, MD, Puravankara Limited. “We look forward to redefining luxury living in this prestigious neighborhood and expanding our presence in other markets.”
Expansion in Andheri West- Puravankara Shares
Puravankara is also making waves in Lokhandwala, Andheri West. Following a November 2023 acquisition where they secured redevelopment rights for two societies spanning around 3 acres, they have now been selected as the preferred developer for four more societies totaling approximately 1.30 acres. This expansion brings their development area to around 4.3 acres, with local property rates ranging from Rs 40,000 to Rs 45,000 per square foot.
The new projects in Breach Candy and Andheri West strengthen our Mumbai portfolio and spotlight our growing role in the city’s real estate transformation. Our design excellence, transparency, and adherence to timelines make us a trusted partner for redevelopment projects,” said Rajat Rastogi, CEO of West & Commercial Assets, Puravankara Limited. “We aim to continue acquiring marquee assets in MMR and Pune.”
Puravankara Boost in Bengaluru
In Bengaluru, Puravankara has signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel in the Electronics City area. Adjacent to their Purva Westend project, this land will offer a saleable area of 260,000 square feet. Its location is prime, just 100 meters from the Kudlu Gate Metro Station and close to tech parks, hospitals, and schools. Local markets rate it between Rs 12,000 and Rs 14,000 per square foot.
A Leader in Real Estate increased Puravankara Shares
Puravankara Group, headquartered in Bengaluru, is among India’s leading real estate developers. Over its 49-year history, the group has established successful residential brands such as Purva, Provident Housing Limited (PHL), and Purva Land, covering a diverse range of housing and plotted development needs.
Puravankara has recently ventured into Grade-A commercial real estate, with about 3 million square feet currently developed and more planned for rapid expansion. The group also provides integrated interior design solutions through their division, Purva Streaks.
Impressive Track Record
By March 31, 2024, Puravankara had completed 86 residential and commercial projects covering around 50 million square feet across nine cities, including Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa.
Additionally, the company has a substantial land bank of about 36 million square feet, with ongoing projects totaling around 32 million square feet.
Market Capitalisation and Stock Performance
As of now, Puravankara boasts a market capitalization of Rs 10,766.60 crore, as per data from the Bombay Stock Exchange (BSE).
At 9:40 AM, shares of Puravankara were trading at Rs 455.90 per share, up by 4.96%. In comparison, the BSE Sensex was trading 0.20% lower at 82,799.55 points.
