The stock’s rally was fuelled by the company’s announcement of securing redevelopment rights of Miami Apartments at Breach Candy, South Mumbai.
Puravankara, via an exchange filing said, “We write to inform you that Puravankara Limited (“the Company”), in its normal course of business, has acquired the redevelopment rights of a prestigious society – Miami Apartments at Breach Candy, South Mumba.”
The property covers over 2,000 square meters of land and represents Puravankara’s debut in the high-end 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 the redevelopment of Miami Apartments at Breach Candy marks a significant milestone for Puravankara Ltd. This project showcases our commitment to delivering unparalleled luxury and reinforces our vision to create iconic living spaces in the most coveted locations. We are excited to bring our expertise to South Mumbai and redefine the standards of luxury living in this prestigious neighbourhood, while strengthening our presence in other markets,” said Ashish Puravankara, MD, Puravankara Limited.
The expansion results in a cumulative development area of around 4.3 acres, with local market rates ranging between Rs 40,000 and Rs 45,000 per square foot.
“The addition of new redevelopment projects in Breach Candy and Andheri West further strengthens our portfolio in Mumbai and highlights our growing role in the city’s real estate transformation. Our commitment to design excellence, transparency and adherence to timelines underscore Puravankara’s position as a trusted partner for society redevelopment projects. We will continue to focus on the acquisition of marquee assets in MMR and Pune.” said Rajat Rastogi, CEO of West & Commercial Assets, Puravankara Limited.
In Bengaluru, Puravankara has signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel in the Electronics City micro-market. Adjacent to the Purva Westend project, this parcel will offer a saleable area of 260,000 square feet. Located approximately 100 metres from the Kudlu Gate Metro Station, the site benefits from proximity to tech parks, hospitals, and schools, with local market rates ranging between Rs 12,000 and Rs 14,000 per square foot.
Puravankara Group, headquartered in Bengaluru and recognised among India’s leading real estate developers. Over its 49-year history, the group has established three successful residential brands including Purva, Provident Housing Limited (PHL), and Purva Land, catering comprehensively to housing and plotted development needs.
Expanding its portfolio, Puravankara has ventured into Grade-A commercial real estate, currently comprising approximately 3 million square feet, with plans for rapid growth. The group also offers integrated interior design solutions through its division, Purva Streaks.
Until March 31, 2024, Puravankara completed 86 residential and commercial projects spanning approximately 50 million square feet across nine cities: Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa.
The company holds a major land bank of around 36 million square feet, with ongoing projects totaling approximately 32 million square feet.
The market capitalisation of the company is Rs 10,766,60 crore, according to Bombay Stock Exchange (BSE).
At 9:40 AM, shares of Puravankara were trading 4.96 per cent higher at Rs 455.90 per share. In comparison, BSE Sensex was trading 0.20 per cent lower at 82,799.55 levels.
First Published: Sep 13 2024 | 9:46 AM IST
