Puravankara's Upscale Debut in South Mumbai: A Game-Changer for the Realty Stock?
Puravankara secures redevelopment rights of Miami Apartments at Breach Candy, South Mumbai, marking its debut in the upscale market.
PuravankaraReal EstateMumbaiSouth MumbaiLuxury LivingReal Estate MumbaiSep 13, 2024
Puravankara has also strengthened its presence in Lokhandwala, Andheri West, following a November 2023 acquisition of redevelopment rights for two societies covering 3 acres. The company has now been selected as the preferred developer for four more societies, totaling around 1.30 acres.
The Bengaluru-based Puravankara Group, one of India’s leading real estate developers, boasts a 49-year legacy and three successful residential brands Purva, Provident Housing Limited (PHL), and Purva Land, serving both housing and plotted development needs.
In the recently concluded June quarter, Purvankara reported a consolidated net profit of Rs 15.44 crore, as against a net loss of Rs 17.16 crore in the year-ago period. Total income more than doubled to Rs 675.55 crore in Q1FY25 from Rs 335 crore in Q1FY24.
On the outlook for FY25, Puravankara said it is expected to experience sustained growth, in line with the sector, supported by a conducive economic environment and evolving consumer preferences.
Currently, only one brokerage covers Puravankara stock, with a 'buy' rating. So far this year, the stock more than doubled or zoomed over 140 percent, beating benchmark Nifty 50's 15 percent surge.
Frequently Asked Questions
What is the significance of Puravankara's debut in South Mumbai?
Puravankara's debut in South Mumbai marks its entry into the upscale market, where real estate prices range from Rs 1,25,000 to Rs 1,40,000 per square foot.
What is the current stock performance of Puravankara?
The stock has more than doubled or zoomed over 140 percent so far this year, beating benchmark Nifty 50's 15 percent surge.
What is Puravankara's outlook for FY25?
The company expects to experience sustained growth, in line with the sector, supported by a conducive economic environment and evolving consumer preferences.
What is the background of Puravankara Group?
Puravankara Group is a leading real estate developer in India, with a 49-year legacy and three successful residential brands.
What is the boilerplate of Puravankara Group?
Puravankara Group is a Bengaluru-based real estate developer, founded in 1975. The company has a diverse portfolio of residential and commercial projects across India.
Related News Articles
Mumbai Real Estate Developer and CEO Embroiled in ₹13.65 Crore Fraud Case
A Mumbai-based real estate developer and CEO have been booked for allegedly forging documents and duping a partner of ₹13.65 crore in a Bhandup land deal.
Mumbai Property Registration Revenue Surges 52% YoY to Rs 1,081 Crore This Diwali
According to data from the Inspector General of Registration (IGR), Maharashtra, property registrations in Mumbai witnessed a remarkable 22% year-over-year increase, with 11,861 homes registered in October 2024, compared to 9,736 in November 2023.
AI Bubble Deflating: Zoho's Sridhar Vembu Stresses Importance of Real Engineering Work
Zoho CEO Sridhar Vembu discusses the potential deflation of the AI bubble and emphasizes the enduring importance of real engineering work in the tech industry.
ED Seizes ₹19.61 Crore from Karrm Developers Linked to Vivek Oberoi in Real Estate Scandal
The Enforcement Directorate (ED) in Mumbai has taken action against Karrm Developers, a real estate firm associated with actor Vivek Oberoi, by seizing assets worth ₹19.61 crore. The action is part of an ongoing investigation into financial misconduct in the affordable housing sector.
Mumbai Sees Record-Breaking Property Registration in March 2025
Mumbai witnessed a surge in property registration in March 2025, driven by the impending hike in reckoner rates set to take effect from April 2025. This surge highlights the robust demand in the city's real estate market.
Private Equity Investments Fuel 133% Surge in Real Estate Deal Volumes in Q1 2025
Real estate deal volumes soared by 133% in the first quarter of 2025, driven predominantly by private equity (PE) investments, which accounted for 88% of the total transactions.