"Puravankara Shares Hit 5% Upper Circuit Following Redevelopment Project Win"

Shares of real estate company Puravankara surged on Wednesday, hitting the 5 percent upper circuit, after the company announced its selection as the preferred developer for a major redevelopment project in Mumbai's Pali Hill. The stock reached an intraday high of Rs 377 per share following the news.

In an exchange filing, Puravankara stated, “We write to inform you that the company has been unanimously selected as the preferred developer for redeveloping a residential housing society in Pali Hill, Mumbai.” Pali Hill is a premium residential area in Bandra West, known for its upscale properties with rates ranging from Rs 1 lakh to Rs 1.20 lakh per square foot.

Puravankara indicated that the project has a cumulative estimated development potential of 4.10 lakh square feet of carpet area, with over approximately 2.15 lakh square feet available for sale. The expected Gross Development Value (GDV) of the project is over Rs 2,000 crore. The company noted that the residential society covers over two and a half acres, making it one of the largest in the micro-market.

The company is also in advanced discussions to redevelop three to four other prestigious housing societies in Mumbai. This move indicates Puravankara's continued expansion in the city's prime real estate sector.

Puravankara's stock performance has been remarkable in recent months, with shares soaring 79.40 percent in the past month and a staggering 181.03 percent over the past year. Year-to-date (YTD), the company's stock has risen by 101.23 percent, demonstrating strong investor confidence and growth prospects in the real estate sector.

BS