In an interview to CNBC-TV18, Ashish Puravankara, MD of Puravankara spoke about the latest happenings in his company, affordable housing segment and gave the geographical break-up.
Puravankara posted its Q4 FY17 numbers. In an interview to CNBC-TV18, Ashish Puravankara, MD of Puravankara spoke about the results and his outlook for the company.
Although the second half of November and December has been subdued in terms of demand, the first half of November was strong in new sales, said Anand Narayanan, President Sales, Marketing & CRM, Puravankara Projects.
Ashish Puravankara, MD, Puravankara Projects, says the company has set a 5 year plan called it Vision 2020 according to which the company needs to increase its internal bandwidth to about 55 million square feet of execution at any point of time.
The company has paid Rs 15 crore upfront on signing the deal, says Ashish Puravankara, Managing Director of Puravankara Projects in an interview to CNBC-TV18.
Ashish Puravankara, joint MD, Puravankara denied plans of purchasing land in NCR, but added: "As a regular course of our business we evaluate various joint development opportunities from time to time in various regions where we have our offices for example NCR or Mumbai for that matter."
Gulam Zia, executive director, Knight Frank says easier land acquisition rules and a real estate regulator are direly needed by the sector right now.
Ashish Puravankara, Managing Director of Puravankara Projects, spoke with CNBC-TV18 to discuss project launches, the company‘s debt position and the real estate market in the cities it operates in.
The project launched by Provident housing in Coimbatore is doing well in terms of sales. In the last quarter they have done more than about 500 apartments and the momentum is likely to continue
Last month, Purvankara launched an institutional placement programme or IPP and an offer for sale (OFS) to cut the promoter stake to 75 percent. The group CEO talks about Purvankara's future plans.
Purvankara aims to raise revenue worth Rs 1600 crore for FY14. The company targets a guideline of 4.5 million square feet of sales for the current financial year.
Ashish Puravankara, managing director, Puravankara Projects, says that the company is very excited about the launch of Provident Sunworth in Bangalore. This project houses all modern amenities and is strategically located. He also says that the margins are good because of the business model adopted by the company.
In an interview to CNBC-TV18, Jackbastian Nazareth, group chief executive officer and joint managing director of Puravankara Projects says the company has clocked 1.23 million square feet in sales. "We are very much on track to do a three million guidance that we promised," he adds
Puravankara Projects is looking to launch 5 new projects in FY13, looking to tap markets in cities like Bangalore, Chennai, Coimbatore, Mangalore and Mysore.
Jackbastian Nazareth, COO of Puravankara Projects, in an interview with CNBC-TV18’s Latha Venkatesh and Sonia Shenoy, said that the company is well poised to manage their debt levels. He said, "Our focus has been on consolidation and execution of these projects in last 12 months."
Ashish Puravankara, Director, Puravankara Projects said the company is very excited and positive about its Coimbatore project. The company has already obtained sanction for it and plans to launch the project towards the end of this month.
Puravankara Projects has declared its third quarter consolidated numbers. Its Q3 net profit was down at Rs 28.7 crore versus Rs 30.5 crore, YoY. Its net sales were at Rs 173 crore versus Rs 73.2 crore, YoY.