Breaking Ground and Records: Puravankara’s Resounding Success in FY23
Established in 1975, Puravankara Limited is the leading real estate developer in India. Headquartered in Bangalore, the real estate developer is renowned for delivering high-quality residences in a timely manner while adhering to benchmark standards of quality, transparency, and innovation.
The developer today has a legacy of remarkable residential development across nine cities, a portfolio of over 80 projects, and a massive land bank of 45 million square feet. Responsible for providing luxurious living spaces to 50,000 families. Their commitment to ‘The You Philosophy’ revolves around curating homes that are designed primarily to meet the unique demands of the customers.
As a result of their dedication to their philosophy, Puravankara Ltd. reported sales of Rs 1,241 in July–September 2023, almost doubling the sales achieved during the same period last year. The real estate’s customer collection has also increased by 52% in 2023 as compared to last year.
In the first nine months of FY23, the company reported sales accounting of Rs 3,967 crore, resulting in a whopping 89% increase as compared to the previous fiscal year. The customer collection in this period surged to Rs 2,515 crore, accounting for a 57% rise. The July to September quarter also witnessed the realty launch of two residential projects, Provident Deansgate in Bengaluru and Purva Soukhyam in Chennai, both collectively totaling 1.12 million sq. ft.
The company has also reported a decrease in the average pricing of their inventory by 2%, from Rs 7,767 in Q3 22 to Rs 7,610 per square foot in Q3 23. This is reported to be the result of the inventory mix between the company’s different brands, Purva, Provident Housing, and Purva Land brands. Owing to the upward sales momentum the share of Puravankara have also surged by 10.5%, reaching a 52 week high.
In FY23, Puravankara’s stellar sales and customer growth, along with strategic project launches, not only highlights their commitment to excellence, but also undoubtedly marks a milestone in the annals of Indian real estate development.
