Puravankara shares soar over 3.5% on securing ₹2,600 crore redevelopment project in Mumbai

Bengaluru-based real estate player Puravankara Ltd’s share price jumped nearly 4% on Thursday afternoon. The shares made an intraday high of ₹223 apiece on the NSE after the company announced securing a major redevelopment project worth ₹2,600 crore.

The exchange filing read, “Puravankara Ltd, one of India’s most trusted and admired real estate developers, has secured redevelopment rights for three residential societies in Bangur Nagar, Goregaon West, Mumbai. Spread across 4.68 acres, the project offers a total developable potential of approximately 1.05 million sq. ft. and an estimated Gross Development Value (GDV) of ₹2,600 crore.”

Ashish Puravankara, Managing Director, Puravankara Limited, said, “Redevelopment is an important pillar of our Mumbai growth strategy and allows us to participate in some of the city’s most established and sought-after neighbourhoods. Our eighth redevelopment project reflects the momentum we have built in Mumbai and the confidence homebuyers are placing in our brand”

In Q1FY27, the company’s revenue jumped 63% YoY to ₹877 crore as customer collections for the quarter surged 40% YoY to ₹1,199 crore. The company sold real estate units worth ₹1,439 crore, up 28% YoY from ₹1,124 crore in the same period last year. Similarly, the average realisation per square foot cost jumped 18% YoY to ₹10,589. The EBITDA margins stood strong at 25%, leading to net profit of ₹25 crore as compared to net loss of ₹69 crore in the same period last year.

Earlier in August, the company signed a joint development agreement (JDA) for a 7.83-acre land parcel in South-East Bengaluru, with an estimated Gross Development Value (GDV) of ₹1,100 crore. The project has a saleable area of approximately 0.89 msft and will be developed as a residential community, adding to Puravankara's presence in this established South Bengaluru corridor.

The shares have delivered subdued performance in 2026 on a YTD basis, delivering -9% returns and 17.5% in the past twelve months.