Real estate developer Puravankara Limited in the current fiscal recorded its highest ever sale for the third quarter of any year since its inception, by clocking Rs 796 crore in sales, the company said. This is an increase of 20% compared to Rs 666 crore recorded in Q3FY22, the developer said in a regulatory filing.
For the 9 months ending December 2022, the company has recorded Rs 2,100 crore in sale value, an increase of 33% compared to a similar period last year. This is another record, the highest value recorded for the 9-month period since inception.
The jump in sales was achieved along with a consistent increase in average price realisation. The average price realisation of Rs 7,767 per sqft during Q3FY23 went up by 15% compared to the average price realisation in Q3FY22.
This impressive increase in sales is accompanied by an equally impressive rise in customer collections from the real estate business, which increased to Rs 621 crore in Q3FY23 compared to the customer collections of Rs 344 crore in Q3FY22. This implies a whopping jump of 80%, the company said.
“The company is on track to meet its launch target of over 15 million sqft by the end of this financial year. The net debt continues to be similar to the previous quarter,” it added.
“The Indian economy continues to be one of the fastest-growing economies in the world. In the past few quarters, real estate maintained positive momentum in India and remains a preferred investment avenue amidst market volatility. Rapid infrastructure development and the return-to-office trend will continue to spur positive momentum in the sector,” said Ashish Puravankara, MD, Puravankara Limited.
As of March 2022, Bangalore-headquartered Puravankara has completed 78 projects measuring over 44 million sqft across 9 cities. The company’s total land bank is over 57 msft, and ongoing projects add up to over 25 msft.
