Puravankara Sets New Benchmarks in Indian Real Estate with 2000 Units Across Major Cities

Puravankara, a leading real estate developer based in Bengaluru, is poised to conclude the financial year on a high note by delivering 2,000 units, unlocking a development potential of over 2 million square feet across Bengaluru, Pune, Chennai, and Mumbai. This ambitious expansion includes a mix of plotted developments under Purva Land and apartment complexes, showcasing the company's diverse portfolio.

Diverse Offerings Across Key Locations

In the first three quarters of FY24, Puravankara has impressively handed over 1,405 units, alongside achieving significant sales milestones with its subsidiaries: Rs 2,115 crore in Puravankara, Rs 1,374 crore in Provident Housing, and Rs 478 crore in Purva Land. The upcoming quarter is expected to witness robust sales, particularly from Provident and Purva Land, driven by several new launches.

The company's strategic developments are set in prime locations such as Whitefield, Sarjapur, and Bellandur in Bengaluru; Kelambakkam near Chennai; Khondwa in Pune; and Chembur and Dombivli in Mumbai. These projects cater to a wide range of budgets, with plots priced from Rs 18 lakh to Rs 90 lakh in Chennai and Rs 80 lakh to Rs 1 crore in Bengaluru. Apartments across these cities are available from Rs 65 lakh to Rs 1.2 crore.

Financial Strength and Future Prospects

Puravankara's financial performance in the first nine months of FY24 has been stellar, with presales totaling Rs 3,967 crore and collections amounting to Rs 2,515 crore. The company boasts a healthy cash balance of over Rs 800 crore and has seen its operating surplus double compared to the same period last year. With sights set on maintaining this momentum into FY25, Puravankara's future looks promising.

Expanding Plotted Development Footprint

The last quarter of the fiscal year is marked by a focus on expanding plotted developments in Bengaluru and Chennai, totaling 1.8 million square feet. A highlight is the launch of Purva Soukhyam in Chennai, a 50-acre phase of a 120-acre themed plotted development, offering around 2,200 plots. With over 80 percent of these plots ranging from 800-1,800 sq ft, the project's gross development value is estimated at Rs 900 crore, with plans for a second phase launch next fiscal year.