Re-entering Mumbai with ultra-luxury project boosts Puravankara

Puravankara surged 6.05% to Rs 85 after the realty firm launched its first ultra-luxury project in Mumbai, named 'Purva Clermont', re-entering the city while it forays into the ultra-luxury category under the WorldHome Collection in the MMR.

The announcement was made at the fag end of market hours yesterday, 9 March 2021.

The stock is currently trading above its 50-day moving average (DMA) placed at Rs 82.82 and its 200-day moving average (DMA) placed at Rs 57.55.

WorldHome Collection is the new range of ultra- Luxury homes by Puravankara. Through this project, the company aims to provide sustainable, futuristic and exclusive homes designed by world-renowned architects. Puravankara has invested almost Rs 450 crore with an expected top-line revenue of Rs 800 crore. The development will see four towers with a total of 233 residential unit and one tower of 79 commercial units.

The last few months have witnessed a steady growth in the luxury housing segment, which is indicative of a shift in the post-pandemic consumer behaviour, Puravankara said. Leveraging this shift and latent demand, the company believes this is the right time to bring their ultra-luxury World Home Collection homes to Mumbai, it added.

Ashish R. Puravankara, the managing director of Puravankara, said that the gradual recovery of the economy has revived the demand within the real estate sector.

Puravankara is a leading real estate conglomerate with pan India presence. The company has completed 74 projects measuring over 42 million sqft and over 22 million sqft of projects are under development. Currently, the total land asset of the company is nearing 67 million sqft.

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