Puravankara records Rs 2,725 crore in sale value, up by 109 per cent in second quarter

Real estate firm Puravankara Limited recorded a sale value of Rs 1,600 crores for Q2FY24, the highest-ever for any quarter since inception for the company.

The company reported a 102 per cent increase in sales value in the second quarter, compared to Rs 791 crore of sale value in Q2FY23.

Ashish Puravankara, Managing Director, Puravankara Limited, said, “For the second quarter of FY24, pre-sales have increased more than twofold, showing a remarkable growth of 102 per cent compared to last year. With a robust pipeline of upcoming project launches, we are confident that we will sustain the momentum of pre-sales growth. These new launches are complemented by noteworthy achievements in sustenance sales, supported by efficient and swift execution, resulting in a 70 per cent year-on-year increase in collections”.


Customer collections from the real estate business increased to Rs 879 crores in Q2FY24 compared to Rs 518 crores in Q2FY23, a jump of 70 per cent y-o-y.The average price realisation increased by 7 per cent to Rs 7,947 per sqft during Q2FY24, the company said

"The continuous improvements signify our company's commitment to optimizing operational efficiency, enhancing profitability, and strengthening our financial foundation. Our focus on new acquisitions is a key element of our expansion strategy. By strategically identifying and integrating businesses that complement our strengths and objectives, we aim to diversify our portfolio, enter new markets, and capitalise on emerging trends. We are confident of maintaining the sturdy growth in pre-sales driven by new launches and sustenance projects”, said Puravankara.

The Indian economy grew at 7.8 per cent in the first quarter of the current fiscal year, according to the data shared by the National Statistical Office. The Reserve Bank of India (RBI) retained its GDP growth forecast of 6.5 per cent for FY 2023-24. The real estate sector is expected to expand to $5.8 trillion by
2047,contributing 15.5 per cent to the GDP from an existing share of 7.3 per cent, a joint report by Knight Frank and National Real Estate Development Council (NAREDCO) indicate.

The stability of unchanged interest rates is further a significant catalyst, promoting growth and encouraging potential buyers to invest in the residential market.

“As we enter the festive season, the group is confident of continuing this strong momentum with the upcoming festive season. We remain poised for continued growth, fuelled by strategic foresight, market resilience, customer-centric approaches, and an unwavering commitment to quality”, he said.