Puravankara Limited's Mumbai redevelopment: Pali Hill project win drives share surge

Real estate firm Puravankara Limited shares were locked in a 5% upper circuit limit on Wednesday, April 24, after the company announced receiving a redevelopment project in Mumbai.

In a filing to the stock exchanges, the realty firm said that it has been selected as the preferred developer for the Pali Hill redevelopment project in Mumbai.

Following the announcement, shares of Puravankara Ltd surged 5% to hit the upper circuit limit of ₹377 apiece on NSE.

"The company has been unanimously selected as the preferred developer for redeveloping a residential housing society in Pali Hill, Mumbai," the leading real estate developer said.

Pali Hill, located in Bandra West, is renowned for its premium real estate with property rates ranging from ₹1 Lakh to ₹ 1.2 lakh per sqft. The redevelopment project spans an estimated 4.10 lakh sqft carpet area, with over 2.15 lakh sqft available for sale.

The redevelopment project has a potential Gross Development Value (GDV) over ₹ 2,000 crore, the company informed the stock exchanges.

"Strategically positioned, the residential society is spread slightly over two and a half acres and is one of the largest in the micro‐market," the exchange filing mentioned.

Currently, the company is in advanced stages of discussions for the redevelopment of three to four other prestigious housing societies in Mumbai.

With a portfolio spanning residential, commercial, and plotted developments, Puravankara Limited has completed 83 projects covering approximately 48 million sqft across nine cities in India.