Puravankara hits 52-week high on acquiring 7-acre land parcel in Bengaluru

Puravankara in focus: Shares of real estate company Puravankara soared as much as 4.04 per cent to hit a fresh 52-week high of Rs 565 per share.

The uptick in stock price came after the company announced that it has acquired a 7-acre land parcel in Hebbagodi, Bengaluru.

The project boasts a saleable area of approximately 750,000 sq ft, promising a potential Gross Development Value (GDV) exceeding Rs 900 crore. 

“We are excited to announce the acquisition of this land parcel in Hebbagodi, Bengaluru. It is a mature market with a limited residential real estate and land supply. The company intends to develop a high end luxury project of approximately 750,000 sq ft, bringing in the much-required supply of high-quality homes in the micro market with proximity to major industrial and IT hubs. With the acquisition of landowner share of 820,661 sq ft 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 the recent acquisitions in Mumbai," said Ashish Puravankara, Managing Director of Puravankara Limited.

Strategically positioned near Electronics City, Hebbagodi enjoys excellent connectivity to all parts of the city, making it an ideal spot for residential developments, Puravankara said in a statement. With robust social infrastructure including major hospitals, international schools, and retail outlets, along with proximity to Electronics City Phase 1 and Phase 2 within a 5-km radius, the area appeals particularly to IT professionals. 

Additionally, the Hebbagodi Metro Station is conveniently close, further enhancing accessibility. These factors collectively contribute to Hebbagodi's growing appeal among prospective homebuyers.

Recently, the company has also acquired a 12.75-acre land parcel in Thane’s Ghodbunder Road and Lokhandwala in Mumbai, projecting a total GDV of Rs 5,500 crore over its lifecycle.

“In the previous financial year, we sold around 7.35 million square feet. With planned launches of around 14 million square feet for FY25 from our existing land bank, our focus shall continue to be on business development to replenish our land bank, keeping in mind the future growth plans of the group,” Ashish Puravankarahe added.

Puravankara Group, headquartered in Bengaluru and recognised among India's leading real estate developers. Over its 49-year history, the group has established three successful residential brands including Purva, Provident Housing Limited (PHL), and Purva Land, catering comprehensively to housing and plotted development needs. 

Starworth Infrastructure and Construction Limited (SICL), a wholly-owned subsidiary, focuses on technology-driven construction solutions.

Expanding its portfolio, Puravankara has ventured into Grade-A commercial real estate, currently comprising approximately 3 million square feet, with plans for rapid growth. The group also offers integrated interior design solutions through its division, Purva Streaks.

Until March 31, 2024, Puravankara completed 86 residential and commercial projects spanning approximately 50 million square feet across nine cities: Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. 

The company holds a major land bank of around 36 million square feet, with ongoing projects totaling approximately 32 million square feet.

The market capitalisation of the company is Rs 13,346.78 crore, according to Bombay Stock Exchange (BSE).

At 9:36 AM, shares of Puravankara were trading 3.84 per cent higher at Rs 563.90 per share. In comparison, BSE Sensex was trading off record highs, up 0.52 per cent at 79,856.81 levels.