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Puravankara Limited, a prominent real estate developer in India, has delivered an outstanding sales performance in the first nine months of fiscal year 2024. The company achieved a remarkable sales value of Rs 3,967 crores during this period, reflecting an impressive 89% YoY increase from Rs 2,100 crores in FY23. Notably, customer collections rose to Rs 2,515 crores, marking a substantial 57% YoY jump compared to Rs 1,597 crores in the corresponding period of the previous fiscal year.
Ashish Puravankara, Managing Director of Puravankara Ltd., expressed satisfaction with the company's performance, citing exceptional pre-sales growth of 89% YoY in the first nine months of FY24. He emphasised their commitment to construction progress and quality excellence, underlining the highest-ever collections of Rs 2,515 crores for nine months of FY24 and Rs 941 crores for Q3 FY24. The successful launch of two new projects - Provident Deansgate in Bengaluru and Purva Soukhyam in Chennai - and a promising pipeline of upcoming launches further attests to Puravankara's confidence in sustaining positive momentum.
India, as the world's fastest-growing major economy, reported a GDP growth of 7.6% in Q2 FY24. This economic vitality prompted the Reserve Bank of India (RBI) to revise the GDP forecast to 7% for the entire fiscal year, up from the earlier projection of 6.5%. The Monetary Policy Committee maintained the repo rate at 6.5% in its December 2023 meeting, opting for a status quo to balance inflation and foster economic growth, including the real estate market.
Puravankara's robust sales performance aligns with the current positive economic conditions which has led to an unprecedented demand for quality residential real estate. The company is witnessing sustained sales in ongoing projects, and Ashish Puravankara expressed optimism about maintaining this sales momentum. This confidence is attributed to a combination of strategic vision, customer-centric strategies, and an unwavering commitment to maintaining high-quality standards.
In the specific context of Q3 FY24, Puravankara reported sales of Rs 1,241 crore, marking a significant 56% YoY growth. Customer collections for the quarter reached Rs 941 crore, reflecting a substantial 52% YoY surge. The average price realisation, however, decreased by 2% to Rs 7,610 per sqft in Q3 compared to Rs 7,767 per sqft in the previous year. The company attributed this decline to an inventory mix between Purva, Provident Housing, and Purva Land brands.
The company's successful performance in Q3 resulted in a 10.5% surge in its shares, reaching a 52-week high of Rs 244.10.
In conclusion, Puravankara Limited's exceptional sales and collection numbers underscore its resilience and success in the dynamic real estate market, emphasising efficient construction progress and a commitment to quality and customer satisfaction.
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