Bengaluru-based real estate firm Puravankara recorded sales of Rs 3,107 crore for FY23, its highest-ever for a full financial year. The FY23 sales were 29 percent higher than the previous year's Rs 2,407 crore, the company said in a press release.
The company also registered a record quarterly sale value of Rs 1,007 crore for Q4FY23, up 21 percent over Q4FY22.
For FY23, the company developed 6.04 million square feet (msf) across Bengaluru, Coimbatore and Chennai. Bengaluru accounted for almost half of the development at 3.75 msf.
Customer collections increased to Rs 2,258 crore in FY23 from Rs 1,440 Crore in FY22, registering a 57 percent jump.
The average price realisation increased by 14 percent to Rs 7,768 per square feet (sq ft) during FY23 from 6,838 per sq ft in FY22.
“We have achieved the highest-ever annual and quarterly sales of any financial year since inception. The company has consistently experienced growth during FY23, indicating our sustained efforts towards gaining market share. We expect our pre-sales growth momentum to continue, driven by a healthy pipeline of new launches of 14 million sqft in the coming quarters,” said Ashish Puravankara, Managing Director.
Positive outlook
The company said that the continued strong momentum and high demand are positive indicators for the real estate market, indicating that there is a healthy balance between supply and demand, with more buyers than available properties. “The unchanged repo rates will further support the existing growth momentum. In this consolidation phase, we expect to potentially gain market share,” Puravankara added.
Currently, the company plans to develop 20 msf of residential property with a revenue potential of Rs 15,000 crore by the end of the next financial year, chief executive officer Abhishek Kapoor previously told Moneycontrol.
The company has already built 4 msf and will complete 2 msf by the end of the current financial year. It will add 14 msf in FY24 across Chennai, Bengaluru, Coimbatore, Kochi, Pune and Mumbai.
Additionally, in Mumbai, the company is planning several redevelopment projects, including brownfield projects. Kapoor said on-ground work will start within a few months, after the projects have been identified.
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