Puravankara Share Price Jumps 4% After Mumbai Redevelopment Announcement

Puravankara has been selected as the preferred developer for 8 residential societies in Chembur, Mumbai, further consolidating its presence in the western real estate market. 

Puravankara Share Price Rises On Redevelopment Announcement

Puravankara Limited, a prominent real estate developer, is in focus on July 7. As of 9:32 AM on Puravankara share price saw a 4% surge following the unveiling of plans to redevelop 8 housing societies in Chembur, Mumbai. This development unlocks a potential gross development value (GDV) of ₹2,100 crore, spread across approximately 4 acres and over 1.2 million square feet of space.

This project is part of Puravankara’s ongoing push into the western region’s redevelopment space, following earlier acquisitions in Breach Candy, Pali Hill, and Lokhandwala.

Strategic Growth In Mumbai’s Redevelopment Market

The redevelopment of the Chembur societies is not an isolated effort. Puravankara is expanding its footprint in Mumbai and Pune through a total of 11 projects covering around 14 million square feet. Notably, 3.6 million square feet of this is redevelopment work, which is expected to contribute ₹7,700 crore to the total regional GDV of ₹18,000 crore.

Ashish Puravankara, Managing Director, highlighted the trust placed in the brand and noted the company’s design-led and quality-focused approach as key differentiators.

Strengthening Presence In Chembur With Proven Track Record

According to Rajat Rastogi, CEO-West and Commercial Assets at Puravankara, the company’s prior success with Purva Clermont in Chembur paved the way for this new opportunity. With a strong community response, the company is poised to deepen its roots in this micro-market during its Golden Jubilee year.

This milestone adds to the company’s credibility and demonstrates its strategic focus on innovation and long-term value creation in competitive urban markets.

Read More: BEML Share Price Surges on $6.23 Million Orders from CIS and Uzbekistan! 

5 Decades Of Trusted Development Across India

Founded over 50 years ago and headquartered in Bengaluru, the Puravankara Group operates across nine cities with three main residential brands: Purva, Provident Housing, and Purva Land. Its ventures extend to commercial real estate, interior design, and construction technology through subsidiaries like Starworth Infrastructure and Purva Streaks.

As of March 31, 2025, the group has delivered more than 90 projects covering 53 million sq ft, with a land bank of 25 million sq ft and 37 million sq ft of ongoing development.

Conclusion

By unlocking a ₹2,100 crore GDV from the Chembur project and building on previous successes, the company is positioning itself strongly in Mumbai’s competitive real estate landscape.

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