Puravankara Share Price Rises 5% with ₹2,000 Crore Pali Hill Redevelopment Project Win

Puravankara share price hit the roof and were locked at 5% upper circuit at ₹377 on April 24 after the company emerged as the preferred developer for the redevelopment of a residential housing society in Mumbai's prestigious Pali Hill locality. Shares of Puravankara outperformed in the last one month, rising 69%.

Pali Hill is a premium address in Bandra West, with property rates ranging from ₹1 Lakh to ₹1.20 lakh per sq ft. Strategically positioned, the residential society is spread slightly over two and a half acres and is one of the largest spaces in the micro‐market.

“The project has a cumulative estimated development potential of 4.10 lakh sq ft carpet, with over 2.15 lakh sq ft available for sale, and a potential Gross Development Value (GDV) of over ₹2,000 crore,” the company said in a regulatory filing.

Puravankara also marked its best-ever annual sales in FY24. Annual sales volume for the fiscal year also grew 90% from the previous year's ₹5,914 crore, while for Q4, it surged 93% year-on-year to ₹1,947 crore.

Puravankara's Managing Director, Ashish Puravankara, told exchanges, "With successful new launches and an optimistic outlook for upcoming projects, we are now focused on replenishing our inventory with new land acquisitions."

The impressive updates shared by the company earlier this month also set the stage for its robust quarterly earnings, turning investors bullish. The optimism among investors reflected in the sharp upmove of its stock as it soared over 75% in just the past month.

At present, the company is in advanced stages of discussions for the redevelopment of three to four other prestigious housing societies in Mumbai, Puravankara mentioned. Of the total development, about 500 will be plots under Purva Land, its plotted development segment, and the rest will be apartments.