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Here's why Puravankara share price soared 10% on May 12; details
At 9:19 AM, Puravankara share was trading 9.29 per cent higher at ₹240. In comparison, BSE Sensex was trading 2.20 per cent higher at 81,199.73 levels. Catch Stock Market Updates Today LIVE
What triggered the rally in Puravankara share price?
The uptick in Puravankara share price came after the company announced a joint venture (JV) with KVN Property Holdings LLP, to develop a 24.59-acre land parcel in North Bengaluru. The project's estimated Gross Development Value (GDV) is in excess of ₹3,300 crore, Puravankara said in a statement.
The land parcel has a total saleable area of approximately 3.48 million sq. ft., and the project is expected to be launched in the next six months.
'This joint venture highlights our sustained confidence in the North Bengaluru market, where we have already demonstrated strong traction. The scale, location, and partnership model of this project position it as an ideal platform for integrated development that resonates with the aspirations of urban homebuyers. It aligns with our broader vision of creating high-quality, community-focused housing across emerging corridors,' said Ashish Puravankara, managing director, Puravankara.
Leadership changes
The company has announced the appointment of Mallanna Sasalu as CEO, Puravankara Ltd – South, subject to the approval of the Nomination & Remuneration Committee and Board of Directors of the Company.
Furthermore, Abhishek Kapoor has resigned from the position of CEO and executive director of the company. ALSO READ | Will Sensex, Nifty rise or fall this week? Key levels to track
About Puravankara
Puravankara Group, headquartered in Bengaluru, is a real estate developer with a strong pan-India presence. Over the last five decades, it has launched three residential brands—Purva, Provident Housing, and Purva Land—to serve diverse housing needs. Its subsidiary, Starworth Infrastructure, delivers tech-driven construction solutions, while Purva Streaks offers integrated interior design services.
The group has also entered the Grade-A commercial real estate space with ~3 million sq. ft. under development.
As of December 31, 2024, Puravankara has completed over 85 projects spanning ~51 million sq. ft. across nine cities, with a land bank of ~30 million sq. ft. and ongoing projects totaling 33.08 million sq. ft.
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