Shares of Puravankara Ltd rallied as much as 17.75 per cent in Monday's trade as the company has chalked out a plan to launch 14 new projects in the next 12-15 months entailing an investment of about Rs 3,200 crore in construction over the next five years.
Following a positive open at Rs 109.90 against the previous close of Rs 109.55, the scrip touched intraday high of Rs 129 and a low of Rs 107.45. In terms of equity volume, 6.82 lakh shares exchanged hands on the BSE.
The company shares ended higher by 14.56 per cent at Rs 125.50.
Betting big on affordable housing, which has got infrastructure status in this year's budget, the Bengaluru-based developer will launch six new projects under its low-cost housing brand 'Provident' and the rest under premium 'Puravankara' brand.
"We will be launching 14 projects, comprising about 15 million sq ft of developable area and nearly 15,000 housing units, by the end of next year," MD Ashish R Puravankara told PTI.
These 14 projects will be spread across five locations -- Bengaluru, Chennai, Mumbai, Pune and Goa.
Of the 14 projects, 13 are residential and one commercial. The company has tied up with land owners for the development of all these upcoming projects, except one.
Asked about the construction cost of these 14 new projects, Puravankara said it would spend more than Rs 3,200 crore over the next 4-5 years.
Moreover, he said, the company would spend Rs 1,000 crore in the next one year to complete the ongoing projects comprising nearly 22 million sq ft area.
(With inputs from PTI)