Puravankara jumps after bagging Chembur redevelopment project

Puravankara rallied 4.47% to Rs 295.75 after the company has selected as the preferred developer for the redevelopment of eight residential societies in Chembur, Mumbai.

The project marks a key milestone for the company, unlocking a total development potential of over 1.2 million sq ft, spread across approximately 4 acres. The estimated gross development value (GDV) of the project stands at Rs 2,100 crore, Puravankara said in a regulatory filing.

This announcement follows Puravankaras recent acquisition of development rights for marquee redevelopment projects in Breach Candy, Pali Hill, and Lokhandwala in Mumbai.

These strategic wins underscore the companys growing footprint in the western regions redevelopment segment, reinforcing its commitment to revitalising urban spaces with quality and integrity.

Ashish Puravankara, Managing Director, Puravankara, 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 distinguish 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 Rs 18,000 crore, of which approximately Rs 7,700 crore will come from redevelopment alone.

Rajat Rastogi, CEO-West and Commercial Assets, Puravankara, 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 Mumbais 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, headquartered in Bengaluru, is one of Indias most admired and trusted real estate developers. 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.

The company reported consolidated net loss of Rs 75.89 crore in Q4 FY25 as against net profit of Rs 6.50 crore posted in Q4 FY24. Net sales tanked 63.9% year on year to Rs 155.21 crore in Q4 FY25.

Powered by Capital Market - Live News