Puravankara Limited (5th Best Brand as per Track2Realty BrandXReport 2023-24)), has recorded sales of INR 1,331 crore for Q2FY25 vs INR 1,128 crores in Q1FY25, up by 18%. The company also achieved a sale value of INR 2,459 crore in H1FY25.
Customer collections reached INR 1,033 crores in Q2FY25 compared to INR 879 crores in Q2FY24, up by 18% y-o-y. For H1FY25, customer collections increased to INR 1,998 crores, up by 27% compared to INR 1,575 crores for H1FY24.
Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara Ltd., said, “In Q2FY25, we have achieved collections of INR 1,033 crores and pre-sales of INR 1,331 crores mostly from sustenance sales. Our performance continues to reflect robust housing demand across key markets, driven by our strategic focus on customer-centric offerings and operational efficiencies.”
“In the first half of the fiscal, we witnessed sustained traction across our portfolio and continued to replenish our land bank by acquiring over 5.75 msft of saleable area in Mumbai, Bengaluru and Goa with a total potential GDV of around INR 10,000 crores plus in this financial year. We remain confident in maintaining this growth momentum as we prepare for the festive season, with over 12 msft of new launches for the second half of the financial year with a potential GDV of over INR 13,000 crore,” he added.
Key Highlights
Achieved quarterly customer collections from the real estate business of INR 1,033 crores in Q2FY25 compared to INR 879 crores in Q2FY24, up by 18% y-o-y.
Achieved customer collection of INR 1,998 crores in H1FY25, up by 27% compared to INR 1,575 crore in H1FY24.
Achieved quarterly sales value of INR 1,331 crores for Q2FY25 vs INR 1,128 crores in Q1FY25, up by 18% Q-o-Q; and INR 2,459 crores for H1FY25.
Average price realisation in Q2FY25 increased to INR 8,697/sft, up by 9% from INR 7,947/sft in Q2FY24.
In Q2FY25, Puravankara acquired the redevelopment rights for Miami Apartments at Breach Candy, with a potential GDV of INR 700 crores, marking its entry into the luxury South Mumbai market.
Additionally, the company expanded its footprint in Lokhandwala, Andheri West, adding a new cluster of four societies (potential GDV of INR 700 crores) to its existing redevelopment projects, bringing the total land area in the region to around 4.3 acres with a combined potential GDV of INR 2,350 crore for the project.
The company has signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel at a prime location in the Electronics City micro-market. This land parcel, adjacent to the Purva Westend project, will have a saleable area of 2.6 lakh sft with a potential GDV of INR 250 crores.
Outlook
The Indian economy continues to grow at a healthy pace, with the World Bank raising its growth forecast for India’s economy to 7% for FY 25, up from an earlier projection of 6.6%. The India Development Update (IDU) observes that India remained the fastest-growing major economy and grew rapidly at 8.2% in FY23-24. Growth was boosted by public infrastructure investment and an upswing in investments in real estate.
As the economy grows, Puravankara is set to capitalise on these opportunities with its diverse portfolio of projects and strategic market positioning. We are poised to deliver exceptional value to our stakeholders while expanding our footprint across key markets.
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