July 6, 2023: Real estate developer Puravankara has recorded a sale value of Rs 1,126 crore in Q1 FY24. This is the highest for any quarter and Q1 since inception, the company said in its quarterly operational update.
The customer collections from the real estate business for the company increased to Rs 696 crore in Q1 FY24 in comparison to the customer collection of Rs 458 crore in Q1 FY23, marking a jump of 52% YoY.
The average price realisation increased by 11% to Rs 8,277 per sqft during Q1 FY24 from Rs 7,436 per sqft in Q1 FY23. The sale value increased by 12% and collection increased by 5% when compared to the immediate previous quarter Q4 FY23.
Ashish Puravankara, managing director, Puravankara, said, “This quarter pre-sales has more than doubled (119% growth on a YoY basis) vs Q1 FY23. With a strong pipeline of new launches, we are confident that we will continue to drive our pre-sales growth momentum. Our new launches are complemented by impressive sustenance sales achievements, supported by efficient and fast-paced execution leading to increased collections by 52% on a YoY basis.” The company launched a new project Purva Raagam in Chennai of 0.77 msf in this quarter.
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