Puravankara jumps as its arm acquires 12.75 acres of land in Thane

Puravankara is currently trading at Rs. 410.00, up by 8.80 points or 2.19% from its previous closing of Rs. 401.20 on the BSE.

The scrip opened at Rs. 419.00 and has touched a high and low of Rs. 421.25 and Rs. 410.00 respectively. So far 7127 shares were traded on the counter.

The BSE group 'T' stock of face value Rs. 5 has touched a 52 week high of Rs. 460.00 on 23-May-2024 and a 52 week low of Rs. 83.17 on 01-Jun-2023.

Last one week high and low of the scrip stood at Rs. 421.25 and Rs. 364.25 respectively. The current market cap of the company is Rs. 9723.14 crore.

The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 17.08% and 7.92% respectively.

Puravankara has acquired 12.75 acres of land in Patlipada on Ghodbunder Road, Thane, through its wholly-owned subsidiary company, Purva Oak. The land has an estimated potential carpet area of 18.20 lakh sq ft and a potential Gross Development Value (GDV) of Rs 4,000 crore over the project lifecycle. 

In November 2023, Puravankara secured rights to undertake the redevelopment of two housing societies spanning 3 acres in the Lokhandwala area of Andheri West. The project has a development potential of 5.8 lakh sq ft carpet area and a potential GDV of Rs 1,500 crores. In April 2024, the company was selected as the ‘preferred developer’ for a 2.5-acre redevelopment project in Pali Hills with a development potential of 4.10 lakh sq ft carpet area and a potential GDV of over Rs 2,000 crore.

The land parcel is strategically located in Patlipada on Ghodbunder Road- a micro-market highly preferred by discerning home buyers due to the value-laden proposition, connectivity advantages, and robust social infrastructure. The upcoming metro line 4 will further improve the area's connectivity.

Additionally, the Eastern Freeway extension will provide seamless accessibility to South Mumbai, while the Thane Borivali twin tunnel project under the Sanjay Gandhi National Park (SGNP) will significantly reduce travel time between the Eastern and Western Express highways. The project will also enjoy captivating views of a 30-acre botanical garden and the SGNP, giving residents ample lung space.

Puravankara is a leading real estate company in India, with a presence in Bengaluru, Kochi, Chennai, Coimbatore, Mangaluru, Hyderabad, Mysore, Mumbai and Pune.