Puravankara Q3 sales bookings up 17pc to Rs 666 cr; 9 pc growth in Apr-Dec
Realty firm Puravankara Ltd's sales bookings rose 17 percent to Rs 666 crore in the third quarter of this fiscal year on the back of higher volumes as well as per square feet price realization.
According to its investor's presentation, Puravankara sold 0.99 million square feet area during October-December 2021-22 as against 0.91 million square feet area in the year-ago period.
The company sold 690 units in the quarter under review as against 661 units in the corresponding period of the previous year.
In terms of value, the total sales bookings rose 17 percent to Rs 666 crore in the quarter from Rs 570 crore in the year-ago period.
The average sales realization increased by 7 percent to Rs 6,727 per square foot from Rs 6,262 per square foot.
''Market consolidation and general economic development continues to enable strong sales performance, and the same is expected to continue soon,'' the company said.
Puravankara said its new launches of projects are on track to capture these favorable market conditions.
During April-December 2021-22, sales bookings grew 9 percent to Rs 1,576 crore from Rs 1,449 crore in the corresponding period of the previous year.
Sales bookings in volume terms fell 4 percent to 2.32 million square feet from 2.42 million square feet, while the number of units sold dropped 11 percent to 1,616 from 1,818.
However, the average price realization increased 13 percent to Rs 6,795 per square foot during April-December 2021-22 from Rs 5,989 per square feet in the year-ago period.
''We continue to see improved price realization across our brands,'' Puravankara said.
Last week, housing brokerage firm PropTiger.com reported that housing sales across eight major cities increased 13 percent in 2021, to 2,05,936 units from 1,82,639 units in the previous year.
Almost all listed real estate developers reported growth in their sales bookings during the third quarter of this fiscal year.
Recently, Puravankara announced an investment of over Rs 1,550 crore to construct a 3 million square feet mixed-use project, mainly housing, at Kochi in Kerala as part of its plan to expand business amid rising demand for apartments post the second wave of the COVID-19 pandemic.
The company's subsidiary Provident Housing Ltd will develop 3 million square feet in the project, which is spread over 18 acres, named 'Provident Winworth' at Kochi.
Puravankara is expecting a sales realization of about Rs 3,000 crore from this project over the next 6-7 years.
The Bengaluru-based developer is one of the leading real estate enterprises providing diversified premium and affordable residential housing and commercial spaces.
In the last four decades, the company has completed 75 projects measuring over 43.07 million square feet area.
It has a land bank of 58.34 million square feet and ongoing projects of 24.28 million square feet.
It sells properties mainly under two brands -- Puravankara and Provident.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)