Realty firm Puravankara Ltd. has bagged two housing societies' redevelopment projects in Mumbai with a revenue potential of Rs 1,500 crore.
In a statement, Bengaluru-based Puravankara Ltd. said it has "secured the residential redevelopment rights for the two housing societies in the western suburbs of Mumbai."
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Situated in Andheri West, the project is spread over three acres.
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"It has a cumulative estimated development potential of 5.8 lakh square feet of carpet area, with approximately 3.65 lakh square feet available for sale and a potential Gross Development Value of Rs 1,500 crore over the project's lifecycle," the statement said.
Abhishek Kapoor, group CEO of Puravankara Ltd., said this is a significant milestone as it marks the company's entry into the redevelopment segment.
"This strategic move also underscores our commitment to expanding our footprint in Mumbai's thriving real estate market," Kapoor added.
Puravankara Ltd. has posted a consolidated net loss of Rs 11.22 crore in the September quarter and clocked an over two-fold jump in its sales bookings to Rs 1,600 crore. The company had posted a net loss of Rs 17.22 crore in the year-ago period.
Total income rose to Rs 381.57 crore in the July–September period of this fiscal from Rs 252.85 crore in the corresponding period of the previous year.
On the operational front, Puravankara said its sales bookings doubled to Rs 1,600 crore in the second quarter of this fiscal year.
In terms of volume, sales bookings rose 89% annually to 2.01 million square feet during the July–September period, while sales realisation grew 7% to Rs 7,947 per square feet.
Puravankara shares were trading 0.62% lower at Rs 159.45 on BSE in late morning session.
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