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Bengaluru-based realty firm Puravankara announced that its sales booking surged by 29% to a record Rs 3,107 crore in the last fiscal year, driven by higher volumes and better price realisation amid strong housing demand. In terms of area, sales booking grew by 14% to 4 million square feet, and sales realisation rose by 14% to Rs 7,768 per square feet. In the last fiscal year, the housing segment contributed 100% to the total sales booking, compared to the previous year, where residential properties made up around 98-99% of sales with the remainder from commercial asset sales. Company officials have attributed the sustained growth to their unwavering commitment to prompt delivery, execution, and customer satisfaction.
Puravankara expects the pre-sales growth momentum to continue, driven by a healthy pipeline of new launches of 14 million square feet in the coming quarters. In the last quarter of the previous fiscal year, the company achieved sales booking of Rs 1,007 crore, up by 21% compared to the same quarter of the previous year. The company believes that the continued strong momentum and high demand are positive indicators for the real estate market, which shows that there is a healthy balance between supply and demand.
Puravankara has completed 80 projects measuring 45 million square feet across nine cities in India, including Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. Despite the ongoing pandemic, Puravankara has consistently experienced growth during FY23, indicating sustained efforts towards gaining market share.
The real estate market in India has been on a roller coaster ride over the past few years. It has seen significant fluctuations due to regulatory changes, liquidity crunch, and the pandemic-induced economic slowdown. However, the market has shown signs of recovery in recent months, thanks to the government's efforts to boost demand and the improving economic situation.
One of the significant trends in the real estate market is the growing demand for affordable and mid-income housing. With a large population of the country belonging to this segment, developers are keen on tapping into this market. The government has also provided several incentives, including tax benefits, to promote the affordable housing sector. This segment is expected to drive the growth of the real estate market in the coming years.
Another significant development in the real estate market is the adoption of technology. Developers are leveraging technology to enhance customer experience, improve project management, and increase efficiency. Technologies such as virtual reality, artificial intelligence, and blockchain are transforming the way the real estate industry operates.
The pandemic has also had a significant impact on the real estate market. It has accelerated the adoption of remote work, leading to a shift in the demand for homes. Homebuyers are now looking for larger homes with dedicated workspaces and amenities such as parks, gardens, and open spaces. Developers are also incorporating these features in their projects to meet the changing needs of the buyers.
Overall, the Indian real estate market seems to be on the path of recovery, driven by factors such as government incentives, growing demand for affordable and mid-income housing, adoption of technology, and changing buyer preferences. With developers like Puravankara reporting strong sales numbers, the market is expected to witness further growth in the coming months.
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