Puravankara plans to develop 15 mn sq ft this year

19 Oct 2022 CW Team

Bengaluru-based real estate developer Puravankara Ltd plans to launch 15 million square feet by this financial year. Additionally, the company has lined up several new project launches across Bengaluru amid the festive season.

"We are across nine Indian cities today and want to scale up operation in all cities. A lot of new launches are expected in the third and fourth quarters. We plan to launch new projects in Bangalore, Chennai, Kochi, Coimbatore, Mumbai and Pune," Abhishek Kapoor, executive director and chief executive officer, said.

Among the launches, over 5 million sq ft of development will be done by Purvankara and its affordable housing wing Provident Housing. Around 4 million sq ft of development will be done by Purva Land, the company's plotted development wing.

According to a regulatory filing by the company, Puravankara achieved Rs 7.93 billion in of sales in the second quarter of this year, which is 33% higher than Q2 sales last year. The jump in sales was achieved along with a consistent increase in average price realisation. Average prices during Q2FY23 were up by 12% compared with average price realisation in Q2FY22. In the first half of the financial year, the company achieved a sale value of Rs 13.06 billion, up 43% compared to Rs 9.10 billion in H1FY22.

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