The shares of Puravankara Ltd. were locked in a 5% upper circuit on April 24, it happened when the company was unanimously selected as the preferred developer for redeveloping a residential housing society in Pali Hill, Mumbai, as per its recent regulatory filing.

The area is well known for its premium properties, with prices ranging from Rs 1 Lakh to Rs 1.20 lakh per sq ft. 

The project has a potential development area of 4.10 lakh sq ft, with around 2.15 lakh sq ft available for purchase, and a potential Gross Development Value (GDV) of over Rs 2,000 crore. 

The residential society is spread over two and a half acres, making it one of the largest in the area. The company is currently in talks to redevelop three to four other prestigious housing societies in Mumbai.

The company also approved the issuance of Corporate Guarantees on behalf of its wholly-owned subsidiaries. 

Earlier on April 19, the company received the Achievement Award for Creating Social Development and Impact at the 15th Edition of the Vishwakarma Awards. 

The award acknowledges the company’s exemplary efforts in driving positive change through its impactful campaigns, particularly its collaboration with the Biome Environmental Trust in rejuvenating heritage wells as part of the “Million Wells for Bengaluru” campaign. 

This reflects the company’s commitment to environmental sustainability and community empowerment.

At 3:30 pm, the shares of Puravankara Ltd. closed at 5% upper circuit at Rs 377.00 on NSE.