Shares of Puravankara hit a 5% upper circuit on 3 June after the company announced acquiring a 12.75-acre land block in Thane.

In its regulatory filing, the company said, “Puravankara has announced the acquisition of 12.75 acres of land in Patlipada on Ghodbunder Road, Thane, by its wholly-owned subsidiary company, Purva Oak Private Limited.”

The acquired land parcel has an estimated potential carpet area of 18.20 lakh square feet and has a potential Gross Development Value (GDV) of Rs 4,000 crore over the project lifecycle. 

In the quarter ended 31 March, the company’s net profit experienced a decline of 33% compared to the previous year, amounting to Rs 42 crore. However, there was a significant increase in revenue, with the company earning Rs 947 crore in the fourth quarter, marking a 112% growth compared to the previous year.

In April 2024, the company was chosen as the preferred developer for a residential housing society redevelopment project located in Mumbai’s Pali Hill area.

The estimated development potential of this project is around 4.10 lakh square feet of carpet area, with approximately 2.15 lakh square feet available for sale. The potential gross development value (GDV) is expected to exceed Rs 2,000 crore.

At 12:05 pm, the shares of Puravankara were trading 3.73% higher at Rs 419.95 on NSE.