Puravankara soars on expanding redevelopment portfolio in Mumbai
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Puravankara is currently trading at Rs. 453.65, up by 19.30 points or 4.44% from its previous closing of Rs. 434.35 on the BSE.
The scrip opened at Rs. 455.00 and has touched a high and low of Rs. 456.05 and Rs. 437.00 respectively. So far 4255 shares were traded on the counter.
The BSE group 'T' stock of face value Rs. 5 has touched a 52 week high of Rs. 565.00 on 03-Jul-2024 and a 52 week low of Rs. 104.80 on 22-Sep-2023.
Last one week high and low of the scrip stood at Rs. 456.05 and Rs. 418.05 respectively. The current market cap of the company is Rs. 10671.74 crore.
The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 17.95% and 7.05% respectively.
Puravankara has acquired the redevelopment rights of a prestigious society -- Miami Apartments at Breach Candy. Spread little over around 2,000 sq m of land, this marks the developer’s entry into the uber-luxury South Mumbai market, where rates (as per market sources) are estimated in the range of Rs 1,25,000 and Rs 1,40,000 per sq. ft.
In addition, Puravankara has further extended its footprint in Lokhandwala, Andheri West, where it had previously (in November 2023) acquired redevelopment rights for two societies with land admeasuring around 3 acres. In addition to the above two societies, the company has now been selected as the preferred developer by a cluster of four societies with land admeasuring approximately 1.30 acres, creating a large development with an overall land area of around 4.3 acres. As per market sources, the estimated rate in the micro-market ranges anywhere between Rs 40,000 and 45,000 per sq. ft.
In Bengaluru, the company has signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel at a prime location in the Electronics City micro-market. This land parcel, adjacent to the Purva Westend project, will have a saleable area of 260,000 sq ft. The project is approximately 100 metres from the Kudlu Gate Metro Station and enjoys easy accessibility to other social infrastructure like tech parks, hospitals and schools. Currently, the market rates for the locality are between Rs 12,000 and Rs 14,000 per sq ft.
Puravankara is a leading real estate company in India, with a presence in Bengaluru, Kochi, Chennai, Coimbatore, Mangaluru, Hyderabad, Mysore, Mumbai and Pune.
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