The real estate firm’s Apr-Sep Puravankara sales orders rose 43 pct to record 1,306 cr. | Biden News

The real estate firm’s Apr-Sep Puravankara sales orders rose 43 pct to record 1,306 cr.

 | Biden News


Bengaluru-based Puravankara Ltd’s sales bookings rose 43 percent to a record Rs 1,306 crore during April-September this fiscal on better housing demand.

Its sales orders stood at Rs 910 crore in the year-ago period.

According to an operational update, the company’s sales orders in volume terms rose 32 percent to 1.76 million sq ft during the first six months of this fiscal, from 1.33 million sq ft in the year-ago period.

Sales realization improved to Rs 7,421 per sq ft in the April-September period from Rs 6,845 per sq ft in the corresponding period of the previous year.

The company achieved its highest sales value of Rs 1,306 crore during the first half of any financial year since inception.

Puravankara is on track for its launch pipeline of over 15 million square feet and is making necessary investments for the same.

”The demand for real estate is seeing new peaks with each passing day especially with a festive start, we expect the same momentum to continue,” the company said.

Puravankara has completed over 43 million square feet and 75 projects. It has presence across India — Bengaluru, Hyderabad, Chennai, Kochi, Coimbatore, Mangaluru, Kolkata, Mumbai, Pune and Goa. It also has an overseas presence in GCC nations and Sri Lanka.

In the last 18 months, all major listed real estate companies have reported decent to high growth in their sales booking numbers.

Bengaluru-based Prestige Estates, Mumbai-based Macrotech Developers (Lodha group), Godrej Properties and DLF Ltd are the top performers in annual sales orders.

Other listed entities including Oberoi Realty, Sobha, Mahindra Lifespace, Indiabulls Real Estate, Brigade Enterprises, Puravankara Ltd and Shriram Properties are also giving them tough competition.

Their figures suggest that sales have remained strong despite an increase in home loan interest rates, from around 6.5 per cent to around 8.5 per cent in the past five months.

Since May, the RBI has increased the repo rate by 190 basis points to tame inflation. Banks passed the repo rate increasing mortgage.

All property consultants including Anarock, PropTiger and Knight Frank reported that residential sales across 7-8 major cities grew during January-September 2022 against the year-ago period.

Home sales this year are likely to beat pre-COVID numbers.

(This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)


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