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Puravankara sales rise 20% to Rs 796 crore, on track to develop 15 million sq ft this year

The customer collection for the company jumped by 80 percent from Rs 344 crores in Q3FY22 to Rs 621 crores this year.

Bengaluru-based real estate firm Puravankara Limited has clocked Rs 796 crore of sales in the third quarter of FY23, a 20 percent increase from the same quarter last year, the company said in a regulatory filing.

For nine months ended in December 2022, the company has clocked a record high sale value of Rs. 2,100 crore, an increase of 33 percent over the same period last year.

The increase in sales was accompanied by a constant increase in average price realisation. The average price realisation of Rs 7,767 per square feet (sq ft) during Q3 went up 15 percent from the average price realisation a year back, the company said.

The customer collection for Puravankara jumped by 80 percent from Rs 344 crore in the third quarter to Rs 621 crore this year.

The company is on track to achieve the target of developing 15 million sq ft (msf) by the end of this fiscal. The net debt continues to be similar to the previous quarter.

"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,” Ashish Puravankara, Managing Director at Puravankara Limited, said.

To date, Puravankara has completed 78 projects measuring about 44 msf across nine cities - Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune and Goa. The company's total land bank is about 57 msf and ongoing projects add up to 25 msf.

Moneycontrol News
first published: Jan 23, 2023 01:16 pm