- Puravankara announced a Rs 2,600-crore redevelopment project in Goregaon West, Mumbai
- Shares rose nearly 4.9% after the announcement, peaking at Rs 223 before settling at Rs 218
- The project covers 4.68 acres with 1.05 million sq ft potential and Rs 2,600 crore GDV
Puravankara Ltd shares jumped nearly 4.9% on Thursday shortly after the real estate developer announced a Rs 2,600-crore redevelopment project in Goregaon West, Mumbai.
The company disclosed the development at around 2:12 p.m., after which its shares moved sharply higher from the Rs 211 zone to touch around Rs 221.
The project marks Puravankara's eighth redevelopment project in Mumbai, according to the company's press release. Under the project, Puravankara has secured redevelopment rights for three residential societies in Bangur Nagar, Goregaon West.
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The project spans 4.68 acres and has an estimated developable potential of around 1.05 million square feet, with a projected gross development value of Rs 2,600 crore.
Company's latest project adds to Puravankara's growing Mumbai redevelopment portfolio, which includes locations such as Breach Candy, Pali Hill, Lokhandwala, Chembur, Malabar Hill and Cuffe Parade.
The company said its Mumbai redevelopment portfolio now represents a potential GDV of approximately Rs 17,500 crore.
Ashish Puravankara, Managing Director of Puravankara, said redevelopment remains an important part of the company's Mumbai growth strategy, while CEO-West & Commercial Assets Rajat Rastogi highlighted Goregaon West's established residential market and connectivity.
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Puravankara Share Price
Puravankara shares eventually moderated from the day's high of Rs 223 and were trading at Rs 218, up 3.70%, at around 3:29 p.m. The stock's previous close was Rs 210.23, while its intraday low stood at Rs 208.13.
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