Puravankara hits the roof after emerging as preferred developer for Pali Hill redevelopment project

Puravankara was locked in 5% upper circuit at Rs 376.95 after the company announced that it has been unanimously selected as the preferred developer for redeveloping a residential housing society in Pali Hill, Mumbai.

Pali Hill is a premium address in Bandra West, with property rates ranging from Rs 1 lakh to Rs 1.20 lakh per square feet. The project has a cumulative estimated development potential of 4.10 lakh square feet carpet area, with over 2.15 lakh square feet available for sale, and a potential gross development value (GDV) of over Rs 2,000 crore.

Strategically positioned, the residential society is spread slightly over two and a half acres and is one of the largest in the micro‐market.

"At present, the company is in advanced stages of discussions for the redevelopment of three to four other prestigious housing societies in Mumbai," the real estate developer said in a statement.

The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brandsPurva and Provident, respectively. The Group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune.

The company reported a net profit of Rs 77.92 crore in Q3 FY24, steeply higher than Rs 22.53 crore recorded in Q3 FY23. Revenue from operations jumped 46.18% to Rs 573.70 crore in the third quarter of FY24 from Rs 392.45 crore posted in Q3 FY23.

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