Puravankara plans to launch 15 mn sq ft projects this fiscal, eyes topline of Rs 18,000 crore

Bengaluru-based real estate firm Puravankara Ltd is planning to launch new projects spanning more than 15 million square feet across Bengaluru, Chennai, Kochi and Coimbatore this year and is eyeing a topline of Rs 18,000 crore from these launches in the next three years.

The company is also focusing on redevelopment projects in Mumbai, Abhishek Kapoor, executive director and chief executive officer at Puravankara told Moneycontrol.

“Our goal this fiscal is to continue the momentum of new launches. We are looking at a target of more than 15 million square feet (sq. ft.) of new launches. This year, almost half of our new launches will be under our Provident brand and the rest split between Puravankara and Purva Land. With these new launches, we will have in excess of Rs 11,000 crore from sold inventory. We are also looking at Rs 6,500 crore surplus from completed and ongoing projects as of March 31, 2023,” he said.

With the new launches, the company is looking at almost Rs 18,000 crore of topline, he said.

Last year, the company took about 6 million sq. ft. to the market, which was a growth of about 30 percent. “This year, we have planned to more than double that number,” Kapoor said.

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Last week, the company reported total revenues of Rs 389 crore and a net consolidated profit after tax of Rs 28 crore for the quarter ended March 31, 2023.

Also Read: Purvankara clocks Rs 389 crore of revenue in FY23 Q4, net profit of Rs 28 crore

Focus on Bengaluru

Of the 15.82 million sq. ft. to be launched this year, about 7 million sq. ft. would be under the Provident brand, about 3 million sq. ft. under the Purvankara brand (premium housing) and 5.6 million sq. ft. under the Purva Land brand (plotted projects), he said.

These projects will be spread across Bengaluru Chennai, Kochi, the Western region and Coimbatore, with the share of projects in Bengaluru being almost 50 percent.

Bengaluru will continue to be the company’s stronghold. “We don't want to lose out on that.” The projects there will comprise a mix of plotted developments and high rises.

“As much as 7 million sq. ft. of projects will be in Bengaluru, 4 million sq. ft. in Chennai, 2.5 million in Kochi, Western region will be 1.25 million sq. ft. and around 1 million sq. ft. in Coimbatore,” he said.

Western region

In the Western region, this year the focus of the company is Pune. “We are looking at Pune for an additional launch,” he said.

As for Mumbai, the company is actively participating in redevelopment projects.

“We have participated in about 15-odd society redevelopment pitches, and we are working on them with full aggression but nothing has been closed as of now,” he said.

This year the company is planning to deliver more than 3,000 housing units, which is in excess of 3 million sq. ft.

Under the Provident brand, the company will launch projects in the range of Rs 50 lakh to Rs 80 lakh. “We have seen traction in this category. This makes us positive about selling more under the Provident brand,” he said.

Under the Puravankara brand, too, about 80 percent of the company’s business is in the under Rs 2 crore category. “So we are definitely keen on continuing to cater to that demand,” he said.

As for commercial ventures, the company plans to focus on two projects in Bengaluru – Purva Zentech Business Park and Purva Aero City.