Indian real estate developer Puravankara (NSE:PURVA, BOM:532891) has acquired a 53.5-acre land parcel in Bengaluru, India, for an undisclosed amount to develop a residential project, according to a Tuesday filing to the Indian stock exchanges.
The newly acquired land parcel has a saleable area of 6.4 million square feet (msft), with a potential gross development value (GDV) of over 48 billion Indian rupees.
This has raised the potential GDV to 139 billion rupees and the developable area to 12.76 msft for the year to date.
The company's shares jumped nearly 12% in recent trade.
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