13 Sep 2024

Puravankara's Stock Surges Amidst Expansion in Mumbai Redevelopment Projects

Puravankara's stock is currently trading at Rs. 453.65, marking an increase of 19.30 points or 4.44% from its previous close of Rs. 434.35 on the BSE.

The stock opened at Rs. 455.00 and has fluctuated between a high of Rs. 456.05 and a low of Rs. 437.00 so far, with 4,255 shares changing hands. With a face value of Rs. 5, the stock hit its 52-week high of Rs. 565.00 on July 3, 2024, and a 52-week low of Rs. 104.80 on September 22, 2023. Over the last week, the stock’s high and low were Rs. 456.05 and Rs. 418.05 respectively. The company's current market capitalization stands at Rs. 10,671.74 crore.

The promoter stake in the company is 75%, while institutional and non-institutional investors hold 17.95% and 7.05%, respectively.

Puravankara has secured redevelopment rights for the prestigious Miami Apartments at Breach Candy, marking its entry into South Mumbai's luxury real estate market. This project spans approximately 2,000 sq. m., with property prices in the area estimated between Rs. 1,25,000 and Rs. 1,40,000 per sq. ft.

Additionally, Puravankara has expanded its presence in Lokhandwala, Andheri West. After acquiring redevelopment rights for two societies in November 2023, covering around 3 acres, the company has now been chosen as the preferred developer for a cluster of four societies on 1.30 acres. This creates a combined development area of approximately 4.3 acres, where market rates are estimated between Rs. 40,000 and Rs. 45,000 per sq. ft.

In Bengaluru, Puravankara signed a Joint Development Agreement (JDA) for a 1.95-acre plot in the Electronics City area. This project, near the Purva Westend development and close to Kudlu Gate Metro Station, will offer 260,000 sq. ft. of saleable area. Market rates in the locality range from Rs. 12,000 to Rs. 14,000 per sq. ft.

Puravankara continues to expand its footprint across major Indian cities including Bengaluru, Kochi, Chennai, Coimbatore, Mangaluru, Hyderabad, Mysore, Mumbai, and Pune.