Puravankara Limited , a prominent player in the real estate sector, has announced a significant change in its top financial leadership. The company has disclosed that Deepak Rastogi will step down from his position as Group CFO and Key Managerial Personnel, effective September 23, 2025. In a strategic move, Niraj Kumar Gautam, currently serving as Deputy CFO, will be elevated to the role of CFO and Key Managerial Personnel, starting September 24, 2025.

Resignation of Deepak Rastogi

According to the company's filing with the stock exchanges, Deepak Rastogi has tendered his resignation citing personal reasons. In his resignation letter, Rastogi expressed gratitude for the opportunity to serve Puravankara and wished the organization continued success and growth in the future. His tenure as Group CFO will conclude at the close of business hours on September 23, 2025.

Niraj Kumar Gautam's Elevation

Niraj Kumar Gautam, set to take over as the new CFO, brings a wealth of experience to the role. With over 23 years in the industry, Gautam has established himself as a strategic finance leader with expertise in corporate finance, capital markets, taxation, and investor relations. His appointment is subject to approval from the Nomination and Remuneration Committee and the Board of Directors of Puravankara Limited.

Impressive Track Record

Gautam's credentials are particularly noteworthy in the context of Puravankara's operations in the real estate and infrastructure sectors. The company highlighted his significant achievements, including:

• Successfully leading capital raising efforts exceeding INR 15,000.00 crore
• Optimizing financial strategies
• Driving business growth in the real estate and infrastructure sector

Regulatory Compliance

The company has made this announcement in compliance with Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure also adheres to the SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Looking Ahead

This transition in the financial leadership of Puravankara Limited comes at a time when the real estate sector in India is navigating through various challenges and opportunities. The extensive experience and proven track record of Niraj Kumar Gautam in capital raising and financial strategy could play a crucial role in steering the company's financial direction in the coming years.

As Puravankara Limited prepares for this transition, stakeholders will be keenly watching how the new CFO's expertise will contribute to the company's financial health and strategic growth initiatives in the competitive real estate market.

Puravankara Limited, a leading real estate developer in India, has announced a significant expansion of its Mumbai portfolio with the acquisition of redevelopment rights for a prime residential society in Malabar Hill, one of the city's most coveted neighborhoods.

Project Details

The newly acquired project, spanning 1.43 acres, offers a development potential of 0.7 million square feet. This redevelopment initiative aims to provide new, premium homes for existing residents while also creating a substantial portion for sale. With an estimated Gross Development Value (GDV) of approximately ₹2,700.00 crore, this exclusive residential enclave is set to redefine luxury living in South Mumbai.

Strategic Expansion

Ashish Puravankara, Managing Director of Puravankara Limited, expressed enthusiasm about the company's foray into Malabar Hill. He stated, "This redevelopment project reflects our commitment to creating world-class homes while contributing to the evolving urban fabric of India's financial capital. With its location, scale, and luxury positioning, this project is in perfect alignment with our strategy of expanding into key strategic markets across the city."

Growing Redevelopment Portfolio

The Malabar Hill project follows closely on the heels of Puravankara's selection as the preferred developer for the redevelopment of eight residential societies in Chembur, announced in July. The Chembur project boasts a development potential of over 1.2 million square feet and an estimated GDV of ₹2,100.00 crore.

Rajat Rastogi, CEO - West & Commercial Assets at Puravankara Limited, highlighted the company's growing role in Mumbai's redevelopment landscape. He noted, "With this acquisition, our redevelopment portfolio in Mumbai now stands at 4.25 million square feet, with a potential GDV of ₹10,500.00 crore."

Puravankara's Mumbai Presence

Over the past two years, Puravankara has built a strong redevelopment pipeline in Mumbai, with projects in prime locations such as Breach Candy, Pali Hill, and Lokhandwala. The addition of the Malabar Hill project further solidifies the company's position as a key player in the city's evolving redevelopment sector.

Company Overview

As Puravankara celebrates 50 years of operations, it continues to focus on shaping the future of urban living through sustainable, well-designed, and community-focused developments. The company has completed 92 projects totaling approximately 54 million square feet across nine cities in India. With a land bank of about 30 million square feet and ongoing projects adding up to 35.75 million square feet, Puravankara remains committed to delivering high-quality residential and commercial spaces across the country.

This latest acquisition in Malabar Hill not only enhances Puravankara's presence in Mumbai's luxury real estate market but also demonstrates the company's strategic approach to growth and its ability to secure prime redevelopment opportunities in some of India's most sought-after locations.