Puravankara Ltd Achieves Remarkable Q1 2024 Sales of Rs 1,126 Crore

Puravankara Ltd, a real estate company headquartered in Bengaluru, achieved robust sales results in the first quarter of the fiscal year 2024. According to the company's quarterly operational update, they attained a record-breaking sales value of Rs 11.26 billion during this quarter, marking the highest value for any quarter since the company's inception. This achievement reflects the company's persistent commitment to growth and its ongoing endeavors to capture a larger portion of the market.

Ashish Puravankara, the Managing Director of Puravankara, commented on this accomplishment, highlighting the impressive growth in pre-sales for the quarter. The company's pre-sales for the quarter experienced a remarkable 119% year-on-year growth compared to the first quarter of the previous fiscal year.

Puravankara's positive sales trajectory is further supported by their strong pipeline of upcoming launches. The company's confidence in maintaining its pre-sales growth momentum is attributed to both the new projects being introduced and the consistent achievements in sustenance sales. The efficient and expedited execution of projects has contributed to a substantial 52% year-on-year increase in collections.

The company also emphasized its ongoing enhancement in business performance and cash flows, which will propel it towards additional growth through new acquisitions, aligned with its future objectives. As part of their expansion efforts, Puravankara unveiled a new project spanning 0.77 million square feet in Chennai during this quarter.

Notably, the average price realization for the company's properties saw an 11% rise to Rs 8,277 per square foot in the first quarter of the fiscal year 2024, compared to Rs 7,436 per square foot in the same period of the previous fiscal year. Additionally, the sales value witnessed a 12% increase, while collections improved by 5% compared to the immediate preceding quarter, Q4FY23.