Puravankara Ltd shares jumped over 6% after announcing a major redevelopment project in Chembur, Mumbai. The project covers eight societies with a GDV of ₹2,100 crore, expanding the company's redevelopment footprint in the region to 3.6 million sq. ft.
Indian stock markets opened on a subdued note this Monday, with gains in consumer-focused stocks helping to limit overall losses. However, broader market sentiment remained cautious due to uncertainties surrounding potential U.S. tariff actions.
As of 10:37 a.m. IST, the Nifty 50 had slipped 0.1% to 25,436.9, while the BSE Sensex edged down 0.09% to 83,351.23. Meanwhile, the broader indices, Small-cap and Mid-cap indices, showed mixed trend. With Nifty Midcap 100 index trading in green. One stock which garnered attention earlier in the day is Puravankara.
Puravankara share price surged over 6% in early trade on July 7 after the company announced a significant redevelopment deal in Mumbai.
Puravankara Limited, a prominent Indian real estate developer, has been chosen as the preferred developer for the redevelopment of eight residential societies in Chembur, Mumbai. This significant undertaking is expected to unlock a total development potential exceeding 1.2 million square feet across approximately 4 acres, with an estimated Gross Development Value (GDV) of ₹2,100 crore.
This new project builds on Puravankara's previous acquisitions of development rights for redevelopment projects in Mumbai's Breach Candy, Pali Hill, and Lokhandwala areas. These strategic wins highlight Puravankara's expanding presence in the redevelopment sector in the western region, emphasising its dedication to revitalising urban areas with a focus on quality and integrity.
Commenting on the strategic announcement, Ashish Puravankara, Managing Director, Puravankara Limited, said, “Securing marquee redevelopment projects in highly sought-after Mumbai neighbourhoods such as Breach Candy, Pali Hill, Lokhandwala, and now Chembur is a strong validation of the trust, discerning societies and residents place in the Puravankara brand. What distinguishes us is not just our vision, but also our design-led approach and unwavering focus on quality.
Now with 11 projects across Mumbai and Pune, spanning approximately 14 million square feet, including 3.6 million square feet in redevelopment, we are committed to strengthening our footprint in the western region. The region is expected to contribute a GDV of approximately ₹18,000 crore, of which approximately ₹7,700 crore will come from redevelopment alone.”
Rajat Rastogi, CEO-West and Commercial Assets, Puravankara Limited, added, "We are honoured to be selected as the developer to redevelop eight societies in Chembur. After receiving a phenomenal response for our existing project in Chembur (Purva Clermont), our expansion in this micro-market will strengthen our footprint further. As we celebrate our Golden Jubilee year, this achievement not only reinforces our position as a trusted partner in the redevelopment space but also strengthens our presence in Mumbai’s vibrant and competitive real estate market. We remain committed to driving innovation and delivering value to all stakeholders, residents, partners, and the communities we serve."
Puravankara share price surged over 6% to ₹298.10 in early trade on July 7 after the company announced a significant redevelopment deal in Mumbai. The stock opened at ₹286.15 and hit a high of ₹303.75.
With a market capitalisation of ₹7,069.4 crore, as of 11:04 pm IST the share price of Puravankara is trading at ₹294.45 per share, up by 4.03%
Looking at the stock performance, the stock price of the company has delivered negative returns of 44% the last 12 months, while in the last 3 months the stock has jumped by 23%.
Puravankara Group is one of India's most trusted realty majors, headquartered in Bengaluru with a presence in nine cities. Over the past five decades, the company has established three distinct and successful residential brands: Purva, Provident Housing Limited (PHL), and Purva Land, catering to the entire spectrum of housing and plotted development needs. Additionally, Starworth Infrastructure and Construction Limited (SICL), a wholly-owned subsidiary, focuses on technology-enabled construction solutions.
The group has also expanded into developing Grade-A commercial real estate with a presence of approximately 3 million square feet and an expanding footprint. Furthermore, their interior design arm, Purva Streaks, offers integrated interior design solutions to customers. As of March 31, 2025, Puravankara has completed over 90 projects measuring approximately 53 million square feet across nine cities: Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company's total land bank is approximately 25 million square feet, with ongoing projects adding up to 37 million square feet.
Disclaimer: The article is for informational purposes only and not investment advice.
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