Puravankara Ltd. shares gained nearly 7% in morning trade on Monday, July 7, after the company said it secured the redevelopment rights of eight residential societies in Chembur, Mumbai.The project has a redevelopment potential of 1.2 million square feet, with an estimated gross development value (GDV) of ₹2,100 crore, the company said in an exchange filing.
This follows the company’s previous acquisitions of development rights for redevelopment projects in Breach Candy, Pali Hill and Lokhandwala.
“Now with 11 projects across Mumbai and Pune, spanning approximately 14 million square feet, including 3.6 million square feet in redevelopment, we are committed to strengthening our footprint in the western region. The region is expected to contribute a GDV of approximately ₹18,000 crore, of which approximately ₹7,700 crore will come from redevelopment alone,” the company’s managing director Ashish Puravankara said.Shares of the real estate developer gained 6.8% to hit an intraday high of ₹302.5 per piece on Monday, July 7. However, it pared gains and was trading 3.04% up at ₹291.65 apiece at 1.20 pm. The stock has declined 23% this year, so far.
This follows the company’s previous acquisitions of development rights for redevelopment projects in Breach Candy, Pali Hill and Lokhandwala.
“Now with 11 projects across Mumbai and Pune, spanning approximately 14 million square feet, including 3.6 million square feet in redevelopment, we are committed to strengthening our footprint in the western region. The region is expected to contribute a GDV of approximately ₹18,000 crore, of which approximately ₹7,700 crore will come from redevelopment alone,” the company’s managing director Ashish Puravankara said.Shares of the real estate developer gained 6.8% to hit an intraday high of ₹302.5 per piece on Monday, July 7. However, it pared gains and was trading 3.04% up at ₹291.65 apiece at 1.20 pm. The stock has declined 23% this year, so far.
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