Puravankara Ltd, a leading real estate developer, saw its shares rally 10% in intra-day trading on Monday following the announcement of a joint venture (JV) with KVN Property Holdings LLP to develop a 24.59-acre land parcel in North Bengaluru.
Key Highlights of the JV
- The project has an estimated Gross Development Value (GDV) exceeding ₹3,300 crore.
- It will offer a total saleable area of approximately 3.48 million sq. ft.
- The launch is expected within the next six months.
- The development benefits from strong residential demand, proximity to Kempegowda International Airport, and connectivity to upcoming infrastructure and employment hubs.
Commenting on the partnership, Ashish Puravankara, Managing Director, stated, “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.”
Leadership Changes at Puravankara
In a separate development, Puravankara announced a leadership reshuffle:
- Mallanna Sasalu has been appointed as CEO of Puravankara Ltd – South, subject to board approval.
- Abhishek Kapoor has stepped down from his role as CEO and Executive Director.
Stock Performance & Market Reaction
Puravankara’s stock climbed to an intra-day high of ₹241.55, marking a significant recovery from its 52-week low of ₹205.05 recorded on May 9, 2025. Despite the rally, the stock remains 57% below its 52-week high of ₹565, touched in July 2024.
