by THO
Bengaluru-headquartered real estate major Puravankara Limited hopes to expand its footprint into the Delhi-NCR market in the next financial year, said Ashishek Kapoor, Group Chief Executive Officer of the company.
“In NCR we’ve just put the team on the ground…Our strategy is to enter with an asset-light model there. So, we are hoping that in the next financial year we can do that,” Kapoor said during a conference with analysts on August 1.
Overall, in the ongoing financial year, the company is targeting launches spanning 17.25 million square feet, including 4.56 million square feet in new phases of existing projects. In this, seven projects with a developable area of 9.33 million square feet will be executed by Puravankara, three projects spanning 3.28 million square feet by Provident Housing and one plotted development project spread across 0.09 million square feet by Purva Land.
Also Read: Puravankara Limited reports flat sales bookings of ₹1,128 crore in Q1 FY25
These projects will be centered in Bengaluru, Coimbatore, Kochi, Pune, Mumbai and Chennai, the investors presentation showed.
The two projects in Mumbai’s Lokhandwala and Thane areas will most likely be launched in two phases, Kapoor said.
Commenting on the anticipated growth in average price realization per square feet during the ongoing fiscal, Kapoor said: “ My expectation is that the industry will look at an average of about 9%. Of course project to project, market to market, it would be different. And depending on the micro market and stage of the project, it will differ.”
Q1 FY25 performance
Puravankara Limited on July 31 reported a net consolidated profit after tax of ₹14.78 crore for the April-June period of the ongoing financial year. The company had recorded a loss after tax of ₹17.86 crore in the same quarter last year.
Meanwhile the company’s net consolidated total income grew 101% annually to ₹675.55 crore during the quarter ended June 30, 2024.
Also Read: Puravankara acquires 7-acre land parcel in Bengaluru to develop housing project worth ₹900 crore
“The revenue recognized went up to ₹676 crore on account of higher delivery of 929 units, a 108% growth over last year’s delivery, demonstrating our commitment and focus on operations,” Company Managing Director Ashish Puravankara said in a regulatory filing.
The company reported flat sales bookings of ₹1,128 crore for the quarter on account of deferred launches. Average price realization during the quarter increased 6% year-on-year to ₹8,746 per square feet, per the company statement.
The company recorded a 39% year-on-year growth in quarterly collections during the three-month period at ₹965 crore. Collections in the first quarter of financial year 2023-24 stood at ₹696 crore, the regulatory filing showed.
