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Puravankara Shares Rise on Mumbai Redevelopment Project Win
Puravankara is a company that builds and redevelops homes.
Its shares rose almost 4% after the company won a new Mumbai redevelopment project.
The project involves three housing societies in Goregaon West.
It covers 4.68 acres and could produce about 1.05 million square feet of development.
The project’s estimated value is ₹2,600 crore.
This is Puravankara’s eighth redevelopment project in Mumbai.
Investors reacted positively to the news, helping the stock rise for a second day.
However, the stock has still fallen this year and remains volatile.
Over three and five years, it has delivered gains of 98% and 102%, respectively.
Puravankara shares closed nearly 4% higher at ₹218 on Thursday, 17 September.
The gain marked the stock’s second consecutive day of advances after it reached a three-month low.
The company secured redevelopment rights for three residential societies in Bangur Nagar, Goregaon West, Mumbai.
The 4.68-acre project has approximately 1.05 million square feet of developable potential and an estimated ₹2,600 crore GDV.
The project is Puravankara’s eighth redevelopment venture in Mumbai, while the stock remains down 9% this year and 37% in 2025.
- Who
- Puravankara Limited and its Managing Director Ashish Puravankara.
- What
- Puravankara shares rose nearly 4% after the company announced redevelopment rights for three Mumbai residential societies.
- Where
- Bangur Nagar, Goregaon West, in Mumbai’s western suburbs.
- When
- Thursday, 17 September; the rise was the stock’s second consecutive day of gains.
- Why
- Investors responded positively to the redevelopment project, which has an estimated Gross Development Value of ₹2,600 crore.
Key facts
- Share price
- ₹218 at Thursday’s close
- Daily gain
- Nearly 4%
- Project location
- Bangur Nagar, Goregaon West, Mumbai
- Project area
- 4.68 acres
- Developable potential
- Approximately 1.05 million square feet
- Estimated GDV
- ₹2,600 crore
- Mumbai redevelopment projects
- Eight, including the new Goregaon West project
- Stock performance
- Down 9% this year and 37% in 2025; up 98% over three years and 102% over five years
Quotes
Ashish Puravankara
Managing Director of Puravankara Limited
“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 neighborhoods. Our eighth redevelopment project reflects the momentum we have built in Mumbai and the confidence homebuyers are placing in our brand.”
livemint.com
“We see a significant opportunity to build a scaled and sustainable redevelopment platform in the city, backed by disciplined capital allocation, strong execution, and a long-term approach to value creation.”
livemint.com
Sources
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