Realty co's shares rose 4% on bagging redevelopment project of 8 societies

Puravankara share price gained 4 per cent in trade, logging an intraday high at ₹299.7 per share after securing a redevelopment project of eight residential societies in Chembur, Mumbai

Puravankara shares rose 4.4 per cent in trade on Wednesday, logging an intraday high at ₹299.7 per share. At 9:31 AM, Puravankara shares were trading 2.28 per cent higher at ₹293.6 per share on the BSE. In comparison, the BSE Sensex was down 0.2 per cent at 83,548.17.

 

The company's market capitalisation stood at ₹6,962.71 crore. Its 52-week high was at ₹503.9 per share and the 52-week low was at ₹205.05 per share. 

Why did Puravankara shares climb in trade?

The buying interest on the counter came after the company announced that it bagged a redevelopment project of eight residential societies in Chembur, Mumbai.

 

"We write to inform you that Puravankara Limited (“The Company”), has been selected as the developer for the redevelopment of eight residential societies in Chembur, Mumbai," the filing read. 

 

According to the filing, the following are the names of the societies for redevelopment: Sahyagiri Co-operative Housing Society, Rainbow Co-operative Housing Society, Deonar Hill View Co-operative Housing Society, Deonar Gulmohar Co-operative Housing Society, Deonar Madhuban Co-operative Housing Society, Sunbeam Co-operative Housing Society, Deonar Avanti Co-operative Housing Society and Deonar Parijat Co-operative Housing Society. 

 

The total development potential of these societies is over 1.2 million square feet, spread over approximately four acres, with an estimated gross development value (GDV) of ₹2,100 crore.

 

This announcement follows Puravankara’s previous acquisitions of development rights for prestigious redevelopment projects in Mumbai’s Breach Candy, Pali Hill, and Lokhandwala, the statement said. "These strategic wins reflect Puravankara’s growing footprint in the redevelopment segment in the west region, underscoring its commitment to revitalising urban spaces with quality and integrity."

 

With 11 projects across Mumbai and Pune, spanning approximately 14 million square feet, including 3.6 million square feet in redevelopment, the company is committed to strengthening its footprint in the western region, according to the statement. "The region is expected to contribute a GDV of approximately ₹18,000 crore, of which approximately ₹7,700 crore will come from redevelopment alone.

About Puravankara 

Puravankara Limited, based in Bengaluru, is among India’s top real estate developers. Established in 1975, the company has built a legacy of over 50 years, delivering high-quality homes with a strong focus on timely delivery, transparency, and innovation.

 

With operations in cities such as Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Kochi, Goa, Kolkata, Coimbatore, and Mangaluru, Puravankara was among the first Indian real estate companies to secure Foreign Direct Investment (FDI).