Puravankara Ltd, a real estate developer based in Bengaluru, announced that it had recorded stagnant sales bookings amounting to Rs.1,128 crore for the financial year 2024-25's April-June period, as per a regulatory filing.
The corporation announced that it reached a quarterly sales figure of Rs.1,128 crore for Q1 (April-June) of the fiscal year 2024-25, compared to Rs.1,126 crore from the previous year. Additionally, the scheduled product launches have been postponed to the second quarter (July-September).
Puravankara stated that the company had postponed some of its planned launches from the review period to the second quarter of the current financial year due to general delays in approvals during the election period.
Managing Director, Puravankara Ltd, Ashish Puravankara said,"We continue to concentrate on expanding our land bank, having added 3.25 million square feet this quarter. This includes acquiring a 7.26-acre land parcel in Bengaluru, a 12.77-acre parcel on Ghodbunder Road in Thane, and purchasing the landowner’s share of 0.83 million square feet in three Provident projects located in Goa and Bengaluru."
In the June quarter, Puravankara’s quarterly collections totaled Rs.965 crore, marking a 39% year-on-year increase. Additionally, the average price realization for the first quarter of 2024-2025 rose by 6%, reaching Rs.8,746 per square foot compared to Rs.8,277 per square foot in the previous year, the statement said.
In FY24, Puravankara's sales reached Rs.5,914 crore, representing a 90% increase from Rs.3,107 crore in FY23. The company's total revenue also grew by 61% year-over-year to Rs.2,260 crore during the fiscal year. Additionally, Puravankara sold 7.35 million square feet of real estate over the course of the year.
The company has a strong presence in the residential real estate sector across South and West India.
It is worth noting that on July 11, another Bengaluru-based real estate developer, Prestige Estates, reported a 23% drop in sales to Rs.3,029.5 crore for the June quarter due to delays in launching new projects.
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