Shares of real estate developer Puravankara Ltd surged 8.89% to ₹237.60 on May 12 after the company announced a major joint venture agreement for a large-scale development in North Bengaluru. The stock had previously closed at ₹218.20 and touched an intraday high of ₹240.02.
The rally was triggered by news of a joint venture between Puravankara and KVN Property Holdings LLP to develop a 24.59-acre land parcel. The project, located near Kempegowda International Airport, carries an estimated Gross Development Value (GDV) of ₹3,300 crore and comprises a total saleable area of around 3.48 million square feet. The launch is expected within the next six months.
“This joint venture highlights our sustained confidence in the North Bengaluru market,” said Ashish Puravankara, Managing Director. He emphasized that the project aligns with the company’s broader vision of building community-focused, high-quality housing in emerging corridors.
The market responded positively due to the project’s scale, prime location, and rising demand for housing in infrastructure-driven growth zones. The company’s market capitalization now stands at ₹56.51 billion.
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