Sobha, Purvankara rise 2% each as firms mull developing luxury residential project

NEW DELHI: Shares of realtors Sobha and Purvankara climbed 2 per cent each in Tuesday's trade on reports Sobha is likely to develop a super luxury waterfront residential project in co-ownership with Puravankara.

The project, Marina One, is planned in an area of 16.7 acres at the Marine Drive, Kochi, ET reported. It will comprise 12 towers and a total of 1,141 luxury apartments. The project will have two, three and four bedroom super luxury apartments.

Following the announcement, shares of Sobha rose 2.13 per cent to hit a high of Rs 540.70 on BSE. Purvankara saw its shares rising by 2.15 per cent to Rs 151.75.

The property will offer a 497-metre waterfront and a 5-acre urban park. The first phase of the project is expected to be completed by 2021. Every apartment will have waterfront view.

Sobha currently has projects in Thrissur and Kozhikode. Sobha, a backward-integrated real estate player, will develop, construct and execute the project in co-ownership with Puravankara. JC Sharma, Vice Chairman and Managing Director at Sobha told ET that the company will launch another project in Kochi soon.

To provide an insight into the products and technology used in the construction, a state-of-the-art experience centre, Marina One Experience Centre has been set-up at the project site.