Puravankara Limited, (5th best Indian real estate brand as per Track2Realty BrandXReport 2022-23), has recorded a strong sales performance in 9MFY24 with a sales value of INR 3,967 crores, an increase of 89 per cent compared to INR 2,100 crores in 9MFY23.
Customer collections increased to INR 2,515 crores compared to INR 1,597 crores in 9MFY23, indicating a jump of 57 per cent Y-o-Y.
Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara Ltd., said, “The first nine months of FY24 has seen exceptional pre-sales, marking a strong growth of 89 per cent Y-o-Y. Achieving our highest-ever collection of Rs 2,515 crores for 9MFY24 and Rs 941 crores for Q3FY24 is a testament to our significant progress in construction while affirming our commitment to excellence in quality.”
“The successful launch of two new projects and a promising pipeline of upcoming launches shows our confidence in sustaining this positive momentum. Our focus on efficiency and prompt execution has contributed to these impressive pre-sales and collection numbers,” he added.
Outlook
In this fiscal, India remains the world’s fastest-growing major economy, with a GDP growth of 7.6 per cent in Q2FY24. This has led the Reserve Bank of India (RBI) to further hike India’s GDP forecast to 7 per cent for the year from the earlier forecast of 6.5 per cent.
The Monetary Policy Committee maintained the repo rate unchanged at 6.5 per cent in its December 2023 meeting, opting for a status quo for the fifth consecutive time since February 2023, balancing inflation and thus promoting the economy’s growth and the real estate market.
These current positive economic conditions have generated an unprecedented demand for quality residential real estate, and we are clearly observing it in the sustenance sales of our ongoing projects. We are optimistic about maintaining this sales momentum. This confidence is rooted in a blend of strategic vision, customer-centric strategies, and an unwavering dedication to maintaining high-quality standards.
Key Sales Highlights
Achieved sales value of INR 3,967 crores in 9MFY24. Up by 89 per cent when compared to Rs 2,100 crores in 9MFY23.
Achieved sales value of INR 1,241 crore for Q3FY24. Up by 56 per cent compared to INR 796 crores in Q3FY23.
Customer collection for 9MFY24 increased to INR 2,515 crores compared to INR 1,597 crores in 9MFY23, up by 57 per cent.
Achieved highest-ever customer collections from the real estate business, which increased to INR 941 crores in Q3FY24 compared to INR 621 crores in Q3FY23, up by 52 per cent y-o-y.
Average price realisation decreased by 2 per cent to INR 7,610/sft during Q3FY24 from INR 7,767/sft in Q3FY23. This is attributed to an inventory mix between Purva, Provident Housing and Purva Land brands.
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