Puravankara Reports Strong Pre-Sales and Acquisitions in Q2 FY25
Puravankara has reported robust pre-sales of Rs 1,331 crore in the second quarter of FY25 and has made significant land acquisitions in Mumbai, Bengaluru, and Goa.
PuravankaraReal EstatePresalesGdvMumbaiReal Estate MumbaiOct 11, 2024
Ashish Puravankara, the managing director of Puravankara, stated, “In the first half of the fiscal year, we made substantial efforts to replenish our land bank. We acquired over 5.75 million sq ft of saleable area in key cities like Mumbai, Bengaluru, and Goa, with a total potential gross development value (GDV) of around Rs 10,000 crore in this financial year.”
The average price realization in Q2 FY25 also saw a significant boost, reaching Rs 8,697 per sq ft, a 9% increase from Rs 7,947 per sq ft in Q2 FY24.
One of the notable acquisitions includes the redevelopment rights for Miami apartments at Breach Candy in Mumbai, with a potential GDV of Rs 700 crore. This strategic move underscores Puravankara’s commitment to premium real estate development. Additionally, the company signed a joint development agreement (JDA) for a 1.95-acre land parcel in Electronics City, Bengaluru, which will have a saleable area of 2.6 lakh sq ft and a potential GDV of Rs 250 crore.
Puravankara’s strong performance in Q2 FY25 reflects its strategic focus on high-potential projects and continuous land acquisition to fuel future growth. With these developments, the company is well-positioned to meet the growing demand for quality residential and commercial properties in key urban centers.
About Puravankara Puravankara is a prominent real estate developer in India, known for its high-quality residential and commercial projects. The company has a strong presence in major cities such as Mumbai, Bengaluru, and Goa, and is committed to delivering sustainable and innovative solutions in the real estate sector.
Frequently Asked Questions
What are Puravankara's pre-sales for Q2 FY25?
Puravankara reported pre-sales of Rs 1,331 crore in the second quarter of the financial year 2024-25.
How much did customer collections increase in Q2 FY25 compared to the same period last year?
Customer collections increased by 18% YoY, from Rs 879 crore in Q2 FY24 to Rs 1,033 crore in Q2 FY25.
What is the potential GDV of the Miami apartments redevelopment in Mumbai?
The potential gross development value (GDV) of the Miami apartments redevelopment at Breach Candy in Mumbai is Rs 700 crore.
What is the saleable area and potential GDV of the 1.95-acre land parcel in Electronics City, Bengaluru?
The 1.95-acre land parcel in Electronics City, Bengaluru, will have a saleable area of 2.6 lakh sq ft and a potential GDV of Rs 250 crore.
What is Puravankara's strategic focus for the first half of FY25?
Puravankara's strategic focus for the first half of FY25 was on replenishing its land bank by acquiring over 5.75 million sq ft of saleable area in key cities like Mumbai, Bengaluru, and Goa, with a total potential GDV of around Rs 10,000 crore.
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