Shares of Puravankara Projects jumped 5 percent intraday Friday on foraying into partnerships with private equity firms and acquisition of land in Chennai.
Ashish Puravankara, Joint MD, Puravankara Group says, “Recent thrust given by RBI and budget in terms of increasing the benefits on interest from 1.5 to 2 lakhs and also benefit on principle as well will only boost and support people in buying homes.â€
RBI's status quo policy has not derailed Bangalore-based developer Puravankara's ambitious growth drive for FY13. So, other than planning a slew of new launches back home the company is also trying to lure in NRI customers with a sales office in Saudi Arabia, reports CNBC-TV18's Vineetha Athrey.
In an interview with CNBC-TV18, Puravankara Projects' CEO Jack Bastian Nazareth pointed out that Venezia, Skywood and Provident projects contributed to revenue this quarter. "The quarter-on-quarter sales value is up 50% and the volumes too have increased by 39%. The sales realisations also have increased by 10% QoQ," he explained.