Puravankara Limited has informed the Exchange about change in Management
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Puravankara Limited has announced three significant developments on May 9, 2025. First, the company has entered a joint venture to develop a 24.59-acre land parcel in North Bengaluru, with an estimated Gross Development Value (GDV) of over Rs 3,300 crore and a saleable area of around 3.48 million sq ft; the project is expected to launch within six months. Second, Mr. Abhishek Kapoor, Executive Director and Group CEO, has resigned effective close of business hours on May 9, 2025, citing personal reasons, with no other material reasons disclosed. Third, Mr. Mallanna Sasalu (over 32 years of real estate experience, currently leading Provident Housing Ltd, a material subsidiary) has been appointed as CEO-South, subject to NRC and Board approval. The CEO transition happens alongside a sizeable new project launch in a fast-growing micro-market.
Shareholders should weigh the leadership transition at the top carefully — losing a long-tenured Group CEO in the same announcement as a major new project launch can create short-term uncertainty, though the incoming CEO-South brings strong operational pedigree from within the group. The Rs 3,300+ crore Bengaluru JV strengthens the company's growth pipeline and is a positive operational signal for revenue visibility over the next few years.