Shares of Purvankara were locked at 5 percent upper circuit at Rs 456 apiece on September 13 after the company secured redevelopment rights of Miami Apartments at Breach Candy, South Mumbai.
This marks Puravankara’s debut in the upscale South Mumbai market, where real estate prices range from Rs 1,25,000 to Rs 1,40,000 per square foot, over a prime 2,000-square-meter plot.
"This project showcases our commitment to delivering unparalleled luxury and reinforces our vision to create iconic living spaces in the most coveted locations. We are excited to bring our expertise to South Mumbai and redefine the standards of luxury living in this prestigious neighbourhood, while strengthening our presence in other markets," said Ashish Puravankara, MD, Puravankara.
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Puravankara has also strengthened its presence in Lokhandwala, Andheri West, following a November 2023 acquisition of redevelopment rights for two societies covering 3 acres. The company has now been selected as the preferred developer for four more societies, totaling around 1.30 acres.
The Bengaluru-based Puravankara Group, one of India’s leading real estate developers, boasts a 49-year legacy and three successful residential brands: Purva, Provident Housing Limited (PHL), and Purva Land, serving both housing and plotted development needs.
In the recently concluded June quarter, Purvankara reported a consolidated net profit of Rs 15.44 crore, as against a net loss of Rs 17.16 crore in the year-ago period. Total income more than doubled to Rs 675.55 crore in Q1FY25 from Rs 335 crore in Q1FY24.
On the outlook for FY25, Puravankara said it is expected to experience sustained growth, in line with the sector, supported by a conducive economic environment and evolving consumer preferences.
Currently, only one brokerage covers Puravankara stock, with a 'buy' rating. So far this year, the stock more than doubled or zoomed over 140 percent, beating benchmark Nifty 50's 15 percent surge.
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