Puravankara shares jump 10% on new JV with KVN Property Holdings; announces leadership changes

Shares of real estate developer Puravankara surged 10 percent in intra-day trading on Monday, May 12, following the announcement of a new joint venture with KVN Property Holdings LLP. The partnership aims to develop a 24.59-acre land parcel in North Bengaluru with an estimated Gross Development Value (GDV) exceeding ₹3,300 crore, the company said in a regulatory filing.

The proposed project will offer a total saleable area of approximately 3.48 million sq. ft., and is slated for launch within the next six months.

Commenting on the development, Ashish Puravankara, Managing Director, said, “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. It aligns with our broader vision of creating high-quality, community-focused housing across emerging corridors.”

The company highlighted that the project stands to benefit from strong residential demand, close proximity to the Kempegowda International Airport, and connectivity to upcoming infrastructure and employment hubs in the region.

Leadership reshuffle announced

In a separate development, the company announced leadership changes. Mallanna Sasalu has been appointed as CEO of Puravankara Ltd – South, subject to the approval of the Nomination & Remuneration Committee and the Board of Directors. At the same time, Abhishek Kapoor has stepped down from his role as CEO and Executive Director.

Stock performance update

The real estate stock climbed 10 percent to an intra-day high of ₹241.55 on Monday. Despite the rally, the stock remains over 57 percent below its 52-week high of ₹565, touched in July 2024. It recently hit its 52-week low of ₹205.05 on May 9, 2025.

Over the past year, the stock has declined by 40 percent. However, it has added nearly 2 percent in May so far, following a 5.7 percent drop in April. This came after a 3 percent rise in March. Prior to that, the realty stock had fallen 18 percent in February and 23 percent in January.

Puravankara Group, based in Bengaluru, is a prominent real estate developer with a pan-India footprint. Over the past five decades, the group has introduced three distinct residential brands—Purva, Provident Housing, and Purva Land—catering to a wide range of housing requirements. As of December 31, 2024, the company had completed over 85 projects covering approximately 51 million sq. ft. across nine cities. It also holds a land bank of around 30 million sq. ft., with ongoing developments spanning 33.08 million sq. ft.

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