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Puravankara Bags Another Flagship Project Mumbai

24 April 20243 mins read by Angel One
Puravankara shares were locked in the upper circuit of 5% on April 24, after it emerged as the preferred developer for the redevelopment of a housing society in Mumbai.
Puravankara Bags Another Flagship Project Mumbai
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Puravankara Ltd. has emerged as the developer for the redevelopment of a residential housing society in Pali Hill Locality of Mumbai, This project is going to have an estimated total development potential of 4.1 Lakh square feet of carpet area, with around 2.1 Lakh square feet of area available for sale. The company in its regulatory filing to the exchanges has said that this project will generate a potential Gross Development Value amounting to more than Rs.2000 crores. This land parcel stands out as one of the largest in its market within the affluent residential area of Pali Hills, where rates are above T=Rs.1 lakh per square foot.

It has also been said that presently the company is in advanced talks for the redevelopment of three to four other housing societies in Mumbai itself.

Stellar Q4 results

The company recently achieved decent results in terms of annual sales in FY24, The total annual sales were around Rs.5914 crores for FY24, a growth of 90% from FY23. And sales for the Q4 FY 23-24 have increased by 93%. These earnings have created positive optimism among investors and the stock has been outperformed in the last 1  month and is up by 72%.

MD on Future Plans

Puravankara’s Managing Director Ashish Puravankara has said post its quarterly update, “With successful new launches and an optimistic outlook for upcoming projects, we are now focused on replenishing our inventory with new land acquisitions”.

Rajat Rastogi, CEO of West & Commercial Assets, Puravankara has said “We have been appointed as the preferred developer for this Pali Hill redevelopment project. The redevelopment opportunity in Mumbai is massive, with GDV over Rs 3 lakh crore over the next decade.

Conclusion: The company highlights Mumbai and Pune as their new focus areas, majorly in case of redevelopment cases. With the track record of quality and on-time delivery, it has been preferred earlier also. With the Mumbai property market continuing its record run and scaling a new high in 2023 with the best annual performance, So Projects incoming ahead will play a significant role in the Company’s earnings for FY 24-25.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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