01 Aug 2019
In line with market trends, Provident will be the accelerator for our business
Established in 1975, Puravankara is one of India’s leading real-estate companies, with its presence spread across Bengaluru, Hyderabad, Chennai, Mumbai, Pune, Goa, Kochi, Coimbatore and Mangaluru. The company has close to 40 million sq ft of projects that are completed and delivered, of which 63 are residential and five are commercial projects. With close to 23 million sq ft of projects under development, the total land assets of the company near 70 million sq ft. Ashish R Puravankara, Managing Director, Puravankara, shares more….
Name one major challenge faced in FY2018-19. How did the company approach the same?
Creating homes that address the present and future requirements of home-buyers in terms of both technology and sustainability is a contemporary challenge that has no precedent in the past. At Puravankara, our endeavour has always been to create homes that are not just technologically advanced but environmentally sound and sustainable. On the environment front, we have further strengthened our sustainable practices in all sphere of work—such as using precast and other such technologies for construction, innovative water conservation and replenishment measures, and high-end, state-of-the-art STPs, thus minimising construction wastage. On the technology side, we focused on redefining the home living experience through BluNex Life—intelligent, next-gen homes by Puravankara that will provide home-buyers and residents a distinct edge by converting their homes into a smart home.
What is one decision you consider the biggest contributor to the company’s growth in FY2018-19?
In a little over a decade since the inception of Provident—our premium affordable housing brand—growth has been fuelled by the robust performance of value-for-money housing, both in terms of units sold and realisation. Today, we are forerunners in the premium affordable home business with deep insights into customer delight. In line with market trends, Provident, which contributed 58 per cent of sales by value in FY19, will be the accelerator for our business, and give it the ability to replicate year-on-year growth.
Name one single factor you avoided that could otherwise have impacted the company’s topline and bottomline.
At Puravankara, our continuous endeavour has been to expand the horizon of our business and scout for potential opportunities. In line of our bigger vision, we have zeroed in on five key cities to be our growth accelerators: Bengaluru, Hyderabad, Chennai, Mumbai and Pune. Our decision to focus on these five cities has gone a long way towards strengthening our position in these key real-estate markets and creating a path of sustainable growth.
Going forward, what are your plans for the company’s growth in FY2019-20?
As an organisation, we are heading towards a phase of exponential growth. With the continuing commitment we have made to our stakeholders, we intend to leverage our strengths and put both our brands (Puravankara and Provident) on the expressway of growth. Over the next few quarters, we envision about 8 million sq ft of launches across both our brands; but, of course, Provident will have a larger share of the pie in terms of volume.
Going forward, the focus will hover over innovative marketing strategy, creating viable offers backed by excellent product offerings. This will help us in push the sales momentum of the Puravankara Group, for both its luxury and premium affordable brands.