Puravankara reaches highest point in 52 weeks after acquiring 7 hectares of land in Bengaluru
The share price surge came after the company announced that it had acquired a 7-acre plot in Hebbagodi, Bengaluru.
The project has a marketable area of about 750,000 square feet and promises a potential gross development value (GDV) of over Rs 900 crore.
“We are pleased to announce the acquisition of this plot in Hebbagodi, Bengaluru. It is a mature market with limited supply of residential real estate and land. The company plans to develop a luxury project of around 750,000 square feet, bringing in the much-needed supply of high-end residential properties in the micro market, close to major industrial and IT hubs. With the acquisition of the landowner’s share of 820,661 square feet in Provident Adora De Goa, Provident Botanico and Provident Capella, along with the 7.26 acres of land in Hebbagodi, the group has added a potential total GDV of Rs 1,550 crore, in addition to its recent acquisitions in Mumbai,” said Ashish Puravankara, Managing Director, Puravankara Limited.
Strategically located near Electronics City, Hebbagodi has excellent connectivity to all parts of the city, making it an ideal location for residential developments, Puravankara said in a statement. With a robust social infrastructure including major hospitals, international schools and shopping facilities, along with proximity to Electronics City Phase 1 and Phase 2 within a 5 km radius, the area is particularly attractive for IT professionals.
In addition, the Hebbagodi metro station is conveniently located, further improving accessibility. These factors collectively contribute to Hebbagodi’s growing appeal among potential home buyers.
Recently, the company also acquired a 12.75-acre land parcel in Thane’s Ghodbunder Road and Lokhandwala in Mumbai, with an expected total GDV of Rs 5,500 crore over the life cycle.
“In the previous financial year, we sold approximately 7.35 million square feet. With planned launches of approximately 14 million square feet for FY25 from our existing land bank, our focus will continue to be on business development to complement our land bank, keeping in mind the future growth plans of the group,” added Ashish Puravankarahe.
Puravankara Group, headquartered in Bengaluru and recognized as one of India’s leading real estate developers. In its 49 years of existence, the group has established three successful residential brands including Purva, Provident Housing Limited (PHL) and Purva Land, catering to the needs of housing and planned development.
Starworth Infrastructure and Construction Limited (SICL), a wholly owned subsidiary, focuses on technology-driven construction solutions.
Puravankara is expanding its portfolio and venturing into Grade-A commercial real estate, which currently spans around 3 million square feet, with plans for rapid growth. The group also offers integrated interior design solutions through its division Purva Streaks.
Till March 31, 2024, Puravankara has completed 86 residential and commercial projects covering a total area of approximately 4.6 million square feet across nine cities – Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune and Goa.
The company has a large land bank of approximately 3.3 million square meters, with ongoing projects totaling approximately 2.9 million square meters.
According to the Bombay Stock Exchange (BSE), the company’s market capitalization is Rs 13,346.78 crore.
At 9:36 AM, shares of Puravankara were trading 3.84 percent higher at Rs 563.90 per share. In comparison, BSE Sensex was trading from record highs, up 0.52 percent at 79,856.81 levels.
First print: 03 Jul 2024 | 09:42 IST