In Q1 of FY24, Sales of Bangalore Based Puravankara Increased by 116 Per Cent to INR 1126 Crore

According to a regulatory statement made by Puravankara earlier in July, 2023 the firm said that its revenues for the first quarter of FY24 more than quadrupled to Rs 1,126 crore from Rs 513 crore in the same period a year earlier.

The Bangalore based real estate company's quarterly revenues were the biggest ever recorded.

According to CEO Abhishek Kapoor, the Bengaluru-based developer controlled a 69 percent sales share, while the 31 percent belonged to a wholly owned subsidiary that focuses on customers in the middle income range and is called Provident Housing.

The real estate division's customer collections grew by 52% year over year to Rs 696 crore from Q4 of FY23's Q4's Rs 458 crore and by 52% quarter over quarter.

When a business "collects" from its customers, it means it has successfully obtained money from the purchasers of its goods or services. ​

In the first quarter of FY24, Puravankara had an increase in sales of 1.36 million square feet, or 97% year-over-year and 12% quarter-over-quarter.

Last quarter, the firm announced the start of Purva Raagam in Chennai, a project with a 0.77 msf development potential.

About 7 msf of the 14 msf of development the company plans to add in Chennai, Bengaluru, Coimbatore, Kochi, Pune, and Mumbai will be by Provident Housing, with an average realisation of Rs 7,000-7,500 per square foot; about 3.4 msf will be by Puravankara, with an average realisation of Rs 8,850 per square foot; and about 3.5 msf will be from plotted development, Kapoor said.

The business reported a rise in average price realisation of 11% during the first quarter, to Rs 8,277 per square foot from Rs 7,436 the year before. With a strong pipeline of new launches, we are confident that we will continue to drive our pre-sales growth momentum as per Kapoor.

By the conclusion of the next fiscal year, Puravankara hopes to have developed 20 msf of residential property with a potential income of Rs 15,000 crore.