Puravankara pre-sales up by 89% YoY to Rs 3,967 cr in 9 months of FY24

Real estate developer Puravankara has announced its financial results for the first nine months of the financial year 2023-24 (9M FY24) and its third quarter (Q3 FY24). During these nine months, the company recorded sales of Rs 3,967 crore, marking an increase of 89% YoY compared to Rs 2,100 crore in 9M FY23. It achieved a sales value of Rs 1,241 crore for Q3 FY24, up by 56% compared to Rs 796 crore in Q3 FY23. The sales volume for 9M FY24 increased by 80% YoY to 5.01 million square foot (msf) as against 2.79 msf in 9M FY23. For Q3 FY24, the sales volume stood at 1.63 msf, up by 60% YoY from 1.02 msf in Q3 FY23.

Customer collections during 9M FY24  increased to Rs 2,515 crore compared to Rs 1,597 crore during the same period the previous year, indicating a jump of 57% YoY. Moreover, the company achieved the highest-ever quarterly customer collection, which increased by 52% YoY to Rs 941 crore in Q3 FY24 compared to Rs 621 crore in Q3 FY23.  Purvankara’s average price realisation decreased by 2% to Rs 7,610 per sqft during Q3 FY24 from Rs 7,767 per sqft in Q3 FY23. This is attributed to an inventory mix between Purva, Provident Housing and Purva Land brands.

Ashish Puravankara, managing director, Puravankara, said, “The first nine months of FY24 has seen exceptional pre-sales, marking a strong growth of 89% YoY. Achieving our highest-ever collection of Rs 2,515 crore for 9M FY24 and Rs 941 crore for Q3 FY24 is a testament to our significant progress in construction while affirming our commitment to excellence in quality. The successful launch of two new projects and a promising pipeline of upcoming launches shows our confidence in sustaining this positive momentum.”

New launches by Puravankara in Q3 FY 24