On Monday, 7th July, shares of Puravankara Limited surged 3.82% to trade at ₹293.85 on the NSE, gaining ₹10.80 from the previous close of ₹283.05. The stock reacted positively after the company announced it has been chosen as the preferred developer for redeveloping eight residential societies in Chembur, Mumbai.
The redevelopment project unlocks a development potential of over 1.2 million square feet, spread across approximately 4 acres, with an estimated gross development value (GDV) of ₹2,100 crore. This move strengthens Puravankara’s growing presence in Mumbai’s redevelopment market, adding to its portfolio of marquee projects in Breach Candy, Pali Hill, and Lokhandwala.
With these additions, Puravankara now has 11 projects across Mumbai and Pune, spanning about 14 million square feet — including around 3.6 million square feet in redevelopment — and an estimated GDV of ₹18,000 crore in the western region.
Ashish Puravankara, Managing Director, highlighted that securing such marquee projects validates the trust and confidence residents have in the company’s design-led, quality-focused approach. Rajat Rastogi, CEO-West and Commercial Assets, noted that this Chembur expansion builds on the success of their existing Purva Clermont project and reinforces their position in Mumbai’s competitive market during the company’s Golden Jubilee year.
Headquartered in Bengaluru, Puravankara has completed over 90 projects covering ~53 million sq ft in nine cities. The company continues to focus on sustainable, community-oriented developments as it marks 50 years of operations.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
