Puravankara shares rise 5% on securing redevelopment rights for high-end South Mumbai apartments; check details

Puravankara informed the exchanges on September 12 that it has acquired the redevelopment rights of Miami Apartments located in Breach Candy, Mumbai. The apartments are spread over 2,000 square metres of land. The company said that the acquisition of redevelopment rights marks its entry into the uber-luxury South Mumbai market. The company claimed that the land rates in the region are estimated to be in the range of ₹1,25,000 to ₹1,40,000 per sqft.

Puravankara also told the exchanges that it has been selected as the preferred developer by four societies in Lokhandwala, Andheri West, with land measuring nearly 1.3 acres. Earlier in November 2023, the company acquired redevelopment rights for two societies with land measuring around 3 acres in the same region. The company mentioned that the estimated land rate in the Lokhandwala, Andheri West, region ranges between ₹40,000 and ₹45,000 per sq. ft.

The company also informed the bourses that it has signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel in Electronics City, Bengaluru. The company said that the land parcel will have a saleable area of 2,60,000 sqft. The company mentioned that the market rates for the locality are between ₹12,000 and ₹14,000 per sqft.

Shares of Puravankara Ltd. have gained over 301% in the last year. The stock has given Year-To-Date (YTD) returns of over 132% and has climbed more than 120% in six months. In a month, the stock has slipped over 1%, and in five days, it has fallen over 3%.

Puravankara Ltd shares are trading at ₹450.5 apiece on the NSE, up by 3.52% at 10:15 am.