July 12, 2024: Real estate developer Puravankara today announced operational updates for the first quarter (Q1) of financial year 2024-25 (FY25). It reported a total acquisition of 3.25 million square foot (msf) during Q1 FY24. The company acquired a 12.77-acre land parcel at Ghodbunder Road in Thane, MMR, with a total potential carpet area of 1.82 msf, a 7.26-acre land parcel at Electronics City (Hebbagodi) in Bangalore with a potential carpet area of 0.6 msf along with the landowner share of 0.83 msf saleable area in three projects by Provident in Goa and Bangalore.
Puravankara achieved quarterly customer collections from the real estate business of Rs 965 crore in Q1 FY25, compared to Rs 696 crore in Q1 FY24, up by 39% year-on-year (YoY). The quarterly sales value stood at Rs 1,128 crore for Q1 FY25 as against Rs 1,126 crore in Q1 FY24, while the planned launches were deferred to Q2 FY25. The company’s average price realisation in Q1 FY25 increased to Rs 8,746/sqft, up by 6% from Rs 8,277/sqft in Q1 FY24.
Ashish Puravankara, managing director, Puravankara, said, “We remain focused on replenishing our land bank and have added 3.25 msf in this quarter, comprising of a 7.26-acre land parcel in Bangalore, a 12.77-acre land parcel in Ghodbunder road, Thane, and have also bought out the landowner share of 0.83 msf in three projects by Provident in Goa and Bangalore. This quarter, we have achieved collections of Rs 965 crore and pre-sales of Rs 1,128 crore from sustenance sales. We will continue to focus on ensuring our planned launches for FY25.”
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