New Delhi, Sept. 17 -- Shares of real estate developer Puravankara closed nearly 4% higher in Thursday's trade on 17 September, reaching Rs.218 apiece as investors responded positively to the company's redevelopment project win. Today's rally marks second day of gains for the stock.

In its regulatory filing, the company said it had secured redevelopment rights for three residential societies in Bangur Nagar, Goregaon West, Mumbai. Spread across 4.68 acres, the project offers a total developable potential of approximately 1.05 million sq. ft. and an estimated Gross Development Value (GDV) of Rs.2,600 crore.

Located in Mumbai's western suburbs, Goregaon West is a well-established residential market with strong connectivity to key business...