On Monday, the shares of the leading real estate developer gained up to 5 percent after the company’s subsidiary acquire 12.75 acres of land in Thane with Gross Development Value (GDV) of Rs 4,000 crores.
With a market capitalization of Rs 9,889.14 crore, the shares of Puravankara Ltd were trading at Rs 417.00 per share, increasing around 4 percent as compared to the previous closing price of Rs 401.20 apiece.
As per the company filing, Puravankara Ltd, through its subsidiary Purva Oak, has bought 12.75 acres of property in Thane. The site has an estimated carpet area of 18.20 lakh square feet and a gross development value (GDV) of Rs 4,000 crore during the project’s lifetime.
“The land parcel acquisition in Thane is the third major announcement from Puravankara in the past seven months. We will build a high-end, mixed-use residential project with a GDV of Rs 4,000 crores. We look forward to launching this project during the festive season this financial year with a vision to develop one of the finest projects in Thane. Puravankara is focused on incorporating sustainable development across its projects. The Thane project will be built with these principles in mind,” said Rajat Rastogi, CEO – West & Commercial Assets, Puravankara Limited.
Looking into the company financial performance, revenue increased by 136 percent from Rs 388.99 crore in Q4FY23 to Rs 919.97 crore in Q4FY24, during the same time frame company’s net profit turn into loss from Rs 26.75 crore to Rs (6.17) crore.
Last year in November, Puravankara obtained permission to construct two housing societies across three acres in the Lokhandwala region of Andheri West. The project has a development potential of 5.8 lakh square feet of carpet area and a GDV of Rs 1,500 crores. In April 2024, the company was selected as the ‘preferred developer’ for a 2.5-acre redevelopment project in Pali Hills with a development capacity of 4.10 lakh sq ft carpet area and a potential GDV of more than Rs 2,000 crore.
Puravankara Limited specialises in the development and building of luxury, premium affordable, and commercial properties. The Company’s business operations are divided into one reportable segment: real estate development.
Written by:- Abhishek Singh
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