Puravankara’s shares surged by nearly 5% today following the company’s acquisition of the redevelopment rights for Miami Apartments, a well-known residential society in South Mumbai’s Breach Candy area. The property spans over 2,000 square meters of prime real estate, marking Puravankara’s entry into the high-end South Mumbai market.
Market experts estimate property rates in this area to range between ₹1,25,000 and ₹1,40,000 per square foot, highlighting the significance of this acquisition in one of India’s most luxurious real estate sectors.
In addition, Puravankara has entered into a joint development agreement for a new project in Bengaluru. This development, located next to the Purva Westend project, will provide a saleable area of 260,000 square feet. Current market prices for the area range from ₹12,000 to ₹14,000 per square foot.
As of 9:15 am today, Puravankara shares were trading 4.76% higher at ₹455.90 on the NSE, reflecting investor optimism about these strategic moves.
