Construction company receives Rs 2,100 crore redevelopment order for 8 Mumbai residential societies!

Puravankara Limited has been selected as the developer for the redevelopment of eight residential societies in Chembur, Mumbai. The company received orders from Sahyagiri Co-operative Housing Society Limited, Rainbow Co-operative Housing Society Limited, Deonar Hill View Co-operative Housing Society Limited, Deonar Gulmohar Co-operative Housing Society Limited, Deonar Madhuban Co-operative Housing Society Limited, Sunbeam Co-operative Housing Society Limited, Deonar Avanti Co-operative Housing Society Limited and Deonar Parijat Co-operative Housing Society Limited.

This domestic residential redevelopment project encompasses over 1.2 million square feet across approximately 4 acres. The estimated gross development value (GDV) for this ambitious undertaking is approximately Rs 2,100 crore. The time period for execution will be as per the agreements executed with each society.

Puravankara Limited, founded in 1975 and headquartered in Bengaluru, is a leading Indian real estate development company. With a legacy spanning over five decades, Puravankara is renowned for developing high-quality residential and commercial projects across major Indian cities such as Bengaluru, Chennai, Kochi, Coimbatore, Pune and Mumbai. The company also has an international presence with projects in Dubai and Colombo. Puravankara operates under distinct brands, with "Puravankara" focusing on luxury and innovative projects and "Provident Housing" catering to the premium affordable housing segment. They are known for their customer-centric approach, robust engineering and transparency in business operations.

The company has a market cap of Rs 6,951 crore and debtor days have improved from 108 to 83.7 days. The stock is up by 46.2 per cent from its 52-week low of Rs 205.05 per share and has given multibagger returns of over 550 per cent in 5 years.

Disclaimer: The article is for informational purposes only and not investment advice.