The land parcel has a saleable area of 5.42 lakh sq ft and a total estimated Gross Development Value of Rs 700+ crore.
Purvankara secured redevelopment rights of Miami Apartments at Breach Candy, South Mumbai
India's residential real estate sector is seeing a decisive return of serious enquiries, which are now at 50 per cent of pre-COVID-19 levels in the top cities.
Its net profit stood at Rs 21.14 crore in the year-ago period, the company said in a regulatory filing.
Realty player Puravankara today said it has reduced its debt by Rs 450 crore bringing down the net debt-equity ratio to 0.74 from 0.94 as on December 31 2016.
In July 2007, former Karnataka Assembly Legislator AT Ramaswamy submitted a report to the state government alleging that upwards of 45,000 encroachers, including over 500 politicians, have taken over 41,000 acres of government-owned land.
Last month, Purvankara launched an institutional placement programme or IPP and an offer for sale (OFS) to cut the promoter stake to 75 percent. The group CEO talks about Purvankara's future plans.
Real estate company Puravankara Projects Limited recieved bids for 20.6 million shares at an average price of Rs 81.52 each.
Portfolio manager PN Vijay says if one is assuming a market, which is trending up, then the midcaps should give investors decent returns. However, as far as results are concerned, it will depend on the sectors as IT or pharma or real estate or that sort of thing.