Puravankara Intends to Deliver 2000 units over 2 million sq ft land Parcel by Q4FY24

Bangalore based Realty giant Puravankara Group has declared that by end of the financial year they will deliver 2,000 units with a development potential upwards of 2 million sq ft (msf) across Bengaluru, Pune, Chennai and Mumbai.  In the total developable area about 500 will be plots under Purva Land, its plotted development segment, and the rest will be apartments.

The executive Director and Chief executive officer, Abhishek Kapoor, mentioned, "In the first nine months of FY24, we have already handed over about 1,405 units. Over the same period we saw sales of Rs. 2115 crore in Purvankara, Rs. 1374 crore in Provident Housing (the mid-segment housing arm of the group), and Rs 478 crore in Purva Land. Next quarter, we believe Provident and Purva Land will lead the sales due to a large number of launches scheduled. The GDV (gross development value) of the project is Rs 900 crore. We are looking to launch the second phase of the plotted development project within the next financial year. "

The company said in a statement, for the upcoming developments, the company is looking at locations like Whitefield, Sarjapur and Bellandur in Bengaluru; Kelambakkam outside Chennai; Khondwa in Pune; and Chembur and Dombivli in Mumbai.  For plot wise development the company’s ticket size will be between Rs. 18 lakh and Rs. 90 lakh in Chennai and range from Rs. 80 lakh to Rs. 1 crore in Bengaluru. The apartments will be available from Rs. 65 lakh to Rs. 1.2 crore across cities.

Abhishek also added that, they offered pre sale Rs. 3,967 crore in the first nine months of FY24, and have already collected around Rs. 2,515 crore. The cash balance is over Rs. 800 crore, and the operating surplus has grown more than 100 percent from the same nine-month period last year. The company was looking at 1.8 msf of plotted developments across Bengaluru and Chennai in the last three months of the fiscal. On January 18, the company announced the 50-acre phase 1 launch of its largest themed plotted development in Chennai, Purva Soukhyam, spread across 120 acres with about 2,200 plots ranging from 600-5,000 sq ft. More than 80 percent of the plots are in the range of 800-1,800 sq ft.

Abhishek said, among the launches lined up for the fourth quarter, the company is looking at Provident Botanico and Purva Land S Medahalli in Bengaluru, Provident Bayscape (Southbay) in Chennai, Provident Kenvista in Khondwa Pune, and new towers in the existing projects Purva Clermont and Provident Palmvista in Mumbai.