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HomeMarket NewsPuravankara shares gain after it enters joint development deal for 6.4 acre land parcel in Bengaluru
The said corridor in Bengaluru has emerged as a preferred destination for IT professionals and homebuyers seeing quality housing, supported by limited availability of organized residential projects from reputed developers, Puravankara's statement read.
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Shares of Puravankara Ltd. gained in early trade on Monday, June 29, after the company said it has entered a joint development agreement for a 6.4 acre land parcel in Sarjapur, Bengaluru with a potential gross domestic value of ₹1,000 crore.
The project has a saleable area of approximately 0.8 million square feet and will be developed as a residential community catering to the growing demand in the emerging corridor, the company said.
The land parcel is located in Kaggalipura village in Sarjapuri Hobli and has seamless connectivity via the Sarjapur Road and the Outer Ring Road, it said. It also has connectivity to the Electronic City technology corridor and other key employment hubs.
The company said the corridor has emerged as a preferred destination for IT professionals and homebuyers seeing quality housing, supported by limited availability of organized residential projects from reputed developers.
It added that this strengthens the company's development pipeline in Bengaluru, bringing its total potential GDV from acquisitions and joint development agreements to ₹5,200 crore in the first quarter of the financial year 2026.
"As we pursue our FY27 growth agenda, our focus remains on securing quality land parcels in markets backed by infrastructure, employment density and sustained homebuyer demand, while creating long-term value for our stakeholders," Ashish Puravankara, the company's managing director said.
Puravankara has announced four land transactions in quick succession, according to its CEO Mallanna Sasalu. "Together, these deals span approximately 41.93 acre, with a cumulative development potential of around 4.23 million square feet and a total estimated GDV of ₹5,200 crore," Sasalu added.
Shares of Puravankara are trading 1.7% higher on Monday, having gained as much as 3% to hit an intraday high of ₹222.9. The stock is down 10% so far in 2026.
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