Puravankara Group Plans Major Real Estate Launches for 2024-25
Discover Puravankara Group's ambitious plans for 2024-25, with over 12 million square feet of new projects and a robust sales outlook. CEO Abhishek Kapoor shares insights into the company's strategy and market expectations.
Puravankara GroupReal EstateProject LaunchesSales OutlookMarket CapitalisationReal Estate NewsOct 14, 2024
In its business update for September, released on October 10, Puravankara reported a 18% quarter-on-quarter (QoQ) increase in sales, reaching ₹1,331 crore, driven by ongoing sales. The company's total sales value in the first quarter of the current financial year was ₹1,128 crore. The current market capitalisation of Puravankara stands at ₹9,099.43 crore.
During an interview, CEO Abhishek Kapoor addressed concerns about the year-on-year (YoY) decline in sales. He explained that while the company missed its target of 3 msf of new launches last year, the focus has been on sustaining higher realisations and sales numbers. Kapoor stated, 'We are on track to bring in about 12 plus msf to market this year, totaling earlier projects of new phases to about 17 msf. The launches are expected in Q3 and Q4, with Q4 being the largest. We are excited for the rest of the year.'
Kapoor further elaborated on the company's performance, noting that Puravankara has sold about 2.84 msf this year, and collections have increased by 27% on a first-half-yearly basis. He emphasized the importance of cash flow and the company's focus on bringing in more money. With the new launches, Puravankara is confident of achieving robust numbers for the remainder of the year.
The company has also been active in land acquisitions, acquiring over 5 msf with a gross development value (GDV) potential of more than ₹10,000 crore. This strategic move is aimed at planning for future growth and consolidation beyond the current financial year.
When asked about the geographies and segments for the upcoming launches, Kapoor highlighted the company's diverse portfolio. Puravankara operates under three brands Puravankara, Provident Housing, and Purva Land. The majority of the new launches will be in the Puravankara brand, focusing on the south and west regions.
For instance, in the west, Puravankara has a project in Mundhwa, Pune, and two projects in Thane and Lokhandwala in Mumbai. In the south, multiple projects are planned across Bengaluru, Chennai, Kochi, and Coimbatore. Kapoor expressed confidence in the company's ability to achieve its targets due to its strong team, bandwidth, and experience in managing multiple markets.
Puravankara's strategy is to leverage its diverse portfolio and geographical spread to ensure steady growth and meet its ambitious goals. The team is focused on obtaining the necessary plan sanctions and launching these projects to generate strong pre-sales numbers and improve cash flow.
In conclusion, while the first half of the year saw some challenges, Puravankara is well-positioned to capitalize on its new launches and acquisitions to drive significant growth in the coming quarters. The company's diversified approach and strategic planning make it well-equipped to navigate the real estate market and meet the expectations of its stakeholders.
Frequently Asked Questions
What is Puravankara Group's target for new project launches in 2024-25?
Puravankara Group aims to launch over 12 million square feet (msf) of new projects in 2024-25, bringing the total to nearly 17 msf.
How much has Puravankara's sales increased quarter-on-quarter in September 2024?
Puravankara reported an 18% quarter-on-quarter (QoQ) increase in sales, reaching ₹1,331 crore in September 2024.
Which regions will see the most significant launches from Puravankara?
The majority of Puravankara's new launches will be in the south and west regions, with projects in Pune, Mumbai, Bengaluru, Chennai, Kochi, and Coimbatore.
What is Puravankara's current market capitalisation?
Puravankara's current market capitalisation is ₹9,099.43 crore.
How many projects has Puravankara acquired recently?
Puravankara has acquired over 5 msf of land with a gross development value (GDV) potential of more than ₹10,000 crore.
Related News Articles
MahaRERA Cracks Down on Housing Projects in Maharashtra for Advertisement Violations
MahaRERA has taken action against 628 housing projects in Maharashtra for not displaying registration numbers and QR codes in their advertisements, resulting in fines of Rs 88.90 lakh.
Indian Real Estate Market Sees Resurgence in Institutional Investments
Institutional investments in Indian real estate surged 20% to USD 2.52 billion in Q2 2024, driven by a significant influx of funds into warehousing and residential sectors.
Simplified Long-Term Capital Gain Tax: A Boon for Real Estate Investors
The recent changes in Long-Term Capital Gain Tax (LTCG) will benefit most real estate investors, according to Revenue Secretary Sanjay Malhotra.
4 Mistakes to Avoid When Investing in Mutual Fund SIPs for a Lumpsum
Mutual Funds, Systematic Investment Plan, SIP, Investment Mistakes, Personal Finance
hBits Launches Fractional Ownership Asset in Pune Worth Rs 62.97 Crore
The asset offers an entry yield of 8.75% and an expected internal rate of return of 14.53%.
KIADB to Issue Preliminary Notice for Property Acquisition
The Karnataka Industrial Areas Development Board (KIADB) has announced plans to issue preliminary notices for the acquisition of properties as part of its ongoing infrastructure and development projects. This move is aimed at ensuring smooth progress in t