The shares of a real estate company, engaged in the development and sale of real estate projects across metro cities, rose up to 8% after it was selected as the preferred developer for the redevelopment of eight residential societies in Chembur, Mumbai.
With a market capitalization of Rs 6,962 Crores, the share price of Puravankara Ltd was trading almost 8% up to hit an intraday high of Rs 303.75 per share from its previous closing price of Rs 283.10 per share.
Puravankara Limited, in an exchange filing, announced that it has been selected as the preferred developer for the redevelopment of eight residential societies in Chembur, Mumbai. The project spans approximately 4 acres, offering a development potential of over 1.2 million sq. ft., with an estimated Gross Development Value (GDV) of Rs 2,100 crore.
This development follows the company’s earlier acquisitions in Breach Candy, Pali Hill, and Lokhandwala, reinforcing its growing presence in the Mumbai redevelopment space and expanding its footprint in the western region.
Ashish Puravankara, Managing Director, Puravankara Limited, said, “Securing marquee redevelopment projects in highly sought-after Mumbai neighborhoods such as Breach Candy, Pali Hill, Lokhandwala, and now Chembur is a strong validation of the trust, discerning societies and residents place in the Puravankara brand. What distinguishes us is not just our vision, but also our design-led approach and unwavering focus on quality.
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Now with 11 projects across Mumbai and Pune, spanning approximately 14 million square feet, including 3.6 million square feet in redevelopment, we are committed to strengthening our footprint in the western region. The region is expected to contribute a GDV of approximately Rs 18,000 crore, of which approximately Rs 7,700 crore will come from redevelopment alone.”
Puravankara Limited is a leading real estate developer based in Bengaluru, with a strong presence across nine Indian cities including Mumbai, Pune, Chennai, Hyderabad, and Goa.
With a legacy of nearly five decades, the company operates through three key residential brands Purva, Provident Housing, and Purva Land serving diverse customer segments. As of March 2025, it has completed 90+ projects spanning ~52.7 million sq. ft., with 24,000+ homes under development and a land bank of ~25 million sq. ft.
The group has forayed into Grade-A commercial real estate with ~3 million sq. ft. of presence and offers in-house EPC services through Starworth Infrastructure, along with interior design solutions via Purva Streaks.
With recent wins in redevelopment projects in Chembur, Breach Candy, Pali Hill, and Lokhandwala, the company is expanding its footprint in Mumbai’s redevelopment space while maintaining an integrated, asset-light growth approach.
The company reported a revenue of Rs 2,014 crore in FY25, down by 7.8 percent from its FY24 revenue of Rs 2,185 crore. Coming to its profitability, the company reported a net loss of Rs 183 Crores in FY25 from Rs 42 crore net profit In FY24.
Written By Rohan Pandey
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