Bengaluru-based Puravankara crosses ₹5,914 crore in sales in FY24

For the quarter ended March 31, Puravankara recorded a sales value of ₹1,947 crore, up 93 per cent from ₹1,007 crore for the same period last year

Updated on: Apr 5, 2024, 12:05:49 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

Bengaluru-based Puravankara Limited has recorded sales of ₹5,914 crore in FY24, an increase of 90% compared to ₹3,107 crore in FY23. Customer collections increased by 60 per cent to ₹3,609 crore for the FY, compared to ₹2,258 crore in the previous fiscal, the company said in a regulatory filing on April 5.

Also Read: Office market surges to 16.2 mn sq ft transactions in Q1 2024; Residential sector keeps pace with sale of 86,345 units

For the quarter ended March 31, the company recorded a sales value of ₹1,947 crore, up 93 per cent from ₹1,007 crore for the same period last year.

Also Read: What is the impact of Bengaluru’s water crisis on real estate?

The average price realisation increased by 2% to ₹7,916 per sq ft during FY24 from ₹7,768 per sq ft in FY23. This is attributed to an inventory mix between Purva, Provident Housing and Purva Land brands, the company said..

“Puravankara Limited has achieved a significant milestone by surpassing Rs. 5,900 crore sales showcasing our customer-centric ethos and focus on quality. We are also thrilled to announce our highest-ever collection of ₹3,609 crores for FY24. This reflects our steadfast dedication to operations and delivery, ensuring significant construction progress,” said Ashish Puravankara, Managing Director, Puravankara Ltd.

Also Read: Provident Housing to launch 5.8 mn sq ft of inventory worth ₹3,800 crore by end of this fiscal

"With successful new launches and an optimistic outlook for upcoming projects, we are now focused on replenishing our inventory with new land acquisitions. We stay committed to building international quality products, keeping the customer at the centre of our strategy,” he said.

As of December 31, 2023, Puravankara has completed 83 projects measuring around 48 million sq ft across 9 cities - Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company's total land bank is around 41 msft, and ongoing projects add up to around 29 msft.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Real Estate News, property prices, housing trends and major projects. Explore market updates, investment insights and property developments across India.