Puravankara's Stock Soars After Selection as Preferred Developer for Pali Hill Redevelopment Project
Puravankara, a leading real estate developer in India, has witnessed a significant surge in its stock price following the announcement of its selection as the preferred developer for a prestigious redevelopment project in Mumbai's Pali Hill. This premium location in Bandra West boasts property rates ranging from Rs 1 lakh to Rs 1.20 lakh per sq ft.
The project holds immense potential, with an estimated development potential of 4.10 lakh sq ft carpet area, of which over 2.15 lakh sq ft will be available for sale. This translates to a potential Gross Development Value (GDV) of over Rs 2,000 crore. The residential society spans over two and a half acres, making it one of the largest in the micro-market.
This news comes amidst Puravankara's ongoing discussions for the redevelopment of three to four other prestigious housing societies in Mumbai. These developments further solidify the company's position as a leading player in the Mumbai real estate market.
Puravankara's stock has witnessed a remarkable surge in recent times, climbing 79.40% in the past month and a staggering 181.03% in the past year. The share price has also jumped 101.23% year-to-date.
This positive performance aligns with the company's strong financial performance. Puravankar's net profit zoomed 266% to Rs 78 crore in the December quarter (Q3FY24), compared to Rs 22.5 crore in Q3FY23. Sales grew 56% to Rs 1,241 crore for the December quarter, driven by strong sales volume of 1.63 million sq ft and a robust collection of Rs 941 crore.
Furthermore, Puravankara's operating cash inflows for the first nine months (9M) of financial year 2023-24 (FY24) soared 35% on an annual basis to Rs 2,826 crore.
These positive developments paint a promising picture for Puravankara's future, with the company poised to capitalize on the lucrative Mumbai real estate market and deliver strong financial performance in the coming years.