Introduction
Puravankara is one of the emerging real estate developers of Bangalore. It plans to end this financial year by delivering 2,000 units. It has strengthened its presence in Bangalore, Pune, Chennai, and Mumbai with a capacity of 2 million square feet (MSF).
Table of Contents
- In Puravankara Rs. 2115 Crores in Sales
- In Nine Months Rs. 3,967 Crore Presales
- Development of Prime Plots by Puravankara House Developers
- Puravankara Group Officer Abhishek Said
- Projects to Get an Occupancy Certificate in Q4
Bengaluru-based real estate developer Puravankara plans to end the financial year by delivering 2,000 units with a development capacity of 2 million square feet (MSF) across Bengaluru, Pune, Chennai and Mumbai. Executive Director and Chief Executive Officer Abhishek Kapoor said in a statement.
Out of the whole Puravankara development, about 500 plots of prime land, its plot development section includes villas, some of which are luxury villas. The rest are provided as apartments.
In Puravankara Rs. 2115 Crores in Sales
“In the first nine months of FY24, we have already delivered around 1,405 units. During the same period, we saw sales of Rs 2115 crore in Purvankara, and Rs 1374 crore in Provident Housing (the group’s mid-segment housing arm). Rs 478 crore in Purva Land. Next quarter, a large number of launches are scheduled. We believe Provident and Purva Land will lead the way in sales,” Chief Executive Officer Abhishek Kapoor said.
For future developments, the company is looking at emerging locations.
- Whitefield
- Sarjapur
- Bellandur in Bengaluru
- Kelambakkam outside Chennai
- Khondwa in Pune
- Chembur and Dombivli in Mumbai.
For plot development, ticket sizes in Chennai are Rs. 18 lakhs to Rs. 90 lakhs. In Bangalore Rs. 80 lakh to Rs. 1 crore are upto. Apartments in cities are available from Rs. 65 lakhs to Rs. 1.2 crores.
In Nine Months, Rs. 3,967 Crore Presales
“We have done presales of Rs 3,967 crores in the first nine months of FY24 and have already collected around Rs 2,515 crores. The cash balance is over Rs 800 crores, and the operating surplus has grown over 100 percent from the same nine months. Last year period. Same momentum in FY25. We hope to continue,” Kapoor explains.
Development of Prime Plots by Puravankara House Developers
The company said it was looking at 1.8 million square feet (MSF) of plotting developments across Bengaluru and Chennai in the last three months of the fiscal year 2023. On January 18, the company announced the launch of the first phase of its largest themed plot development in Chennai, covering an area of 50 acres.
Purva Soukhyam is spread over 120 acres with 2,200 plots ranging from 600 to 5,000 square feet. More than 80 percent of the plots are in the range of 800-1,800 square feet.
“The GDV (gross development value) of the project is Rs 900 crore. We are looking to start the second phase of the plotted development project within the next financial year,” Kapoor said.
Puravankara Group Officer Abhishek Said
The group posted a profit of Rs 78 crore in Q3FY24, a year-on-year growth of 266 percent. 596 crores on revenue. Earnings before interest, taxes, depreciation, and amortization stood at Rs. 218 crores, which is 71 percent higher than the same quarter of the previous year.
The developer’s net debt is Rs. 1,741 crores. Compared to last quarter Rs. 251 crore saw a decrease. “We are going to invest more money in the coming quarters. But we will continue to build inventories. However, we expect the debt level to be between Rs 2,000 crore to Rs 2,400 crore in absolute terms,” explained Kapoor.
Projects to Get an Occupancy Certificate in Q4
In the last quarter of the financial year, the company expects certificates of occupancy for four projects, namely Genium in Bengaluru, Somerset in Chennai, and Promenade and Tivoli (platted developments) in Bengaluru.
Among the launches in the fourth quarter, the company is looking at new towers such as Provident Botanico and Purva Land S Medahalli in Bengaluru, Provident Basescape (Southbay) in Chennai, Khondwa, Provident Kenvista in Pune and existing projects, Kapoor said. Clermont and Provident Palm vista in Mumbai.
Conclusion
Bangalore-based real estate developer Puravankara is one. Executive Director and Chief Executive Officer Abhishek Kapoor said 2,000 units will be delivered in Bengaluru, Pune, Chennai, and Mumbai with a development capacity of 2 million square feet (MSF). The company is looking at growing locations. For more information, visit openplot.
Also read: Puravankara Grew By 266% y-o-y to Rs. 78 Crore Profit