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Puravankara emerges as the preferred developer for a ₹2,000 crore Pali Hill project
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Property rates at Pali Hill range from ₹1 lakh to ₹1.2 lakh per square feet. The residential society in question is spread over two-and-a-half acres and is one of the largest in the micro-market.
Bengaluru-based real estate developer Puravankara Ltd. has been unanimously selected as the preferred developer for developing a residential housing society in Mumbai’s Pali Hill locality.
The project has a cumulative estimated development potential of 4.1 lakh square feet carpet area with over 2.15 lakh square feet available for sale. The potential Gross Development Value (GDV) for the said project is said to be ₹2,000 crore, Puravankara said in an exchange filing.
Property rates at Pali Hill range from ₹1 lakh to ₹1.2 lakh per square feet. The residential society in question is spread over two-and-a-half acres and is one of the largest in the micro-market.
Puravankara is also in advanced stages of discussions for the redevelopment of three to four other housing societies in Mumbai, it said.
Earlier this month, Puravankara reported its best-ever annual sales performance for financial year 2024. Annual sales grew by 90% from last year to ₹5,914 crore. Sales for the March quarter increased by 93% from last year to ₹1,947 crore.
Volumes for the March quarter also saw a 93% growth to 2.34 million square feet.
“With successful new launches and an optimistic outlook for upcoming projects, we are now focused on replenishing our inventory with new land acquisitions,” Puravankara’s Managing Director Ashish Puravankara was quoted as saying post its quarterly update.
Shares of Puravankara have been outperformers in the last one month, rising 69%. The stock is up nearly 90% so far in 2024. Shares have gained in 10 out of the last 11 trading sessions.
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