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Puravankara to launch 14 new projects, invest Rs 3,200 cr

Puravankara reported a 39% fall in its consolidated net profit at Rs 21.14 crore for the quarter to September

Press Trust of India  |  New Delhi 

Representative image
Representative image

firm Ltd has chalked out a plan to launch 14 new projects in the next 12-15 months entailing an investment of about Rs 3,200 crore in construction over the next five years.

Betting big on affordable housing, which has got infrastructure status in this year's budget, the Bengaluru- based developer will launch six new projects under its low- cost housing brand 'Provident' and the rest under premium 'Puravankara' brand.

"We will be launching 14 projects, comprising about 15 million sq ft of developable area and nearly 15,000 housing units, by the end of next year," MD Ashish R told PTI.

Out of total planned launches, he said 10.32 million sq ft will be affordable housing under the Provident brand.

The property market has stabilised post implementation of new law RERA, and note ban and therefore, the company has decided to launch several projects across key cities, said.

These 14 projects will be spread across five locations -- Bengaluru, Chennai, Mumbai, Pune and Goa.

Of the 14 projects, 13 are residential and one commercial. The company has tied up with land owners for the development of all these upcoming projects, except one.

Asked about the construction cost of these 14 new projects, said it would spend more than Rs 3,200 crore over the next 4-5 years.

Moreover, he said, the company would spend Rs 1,000 crore in the next one year to complete the ongoing projects comprising nearly 22 million sq ft area.

Recently, reported a 39 per cent fall in its consolidated net profit at Rs 21.14 crore for the quarter to September, mainly due to land sale in the year-ago period.

Total income declined to Rs 371.53 crore in the second quarter of 2017-18, from Rs 392.57 crore in the same period of the previous year.

"Our revenues are up 53 per cent, net of land sales of Rs 151 crore in the year-ago quarter. Sales bookings in terms of both volume and value as well as collections are significantly higher than the same quarter last year," said.

The company's sales booking rose to Rs 736 crore in the first half of this fiscal as against Rs 579 crore in the year-ago period.

Apart from the five locations, has presence in property markets of Hyderabad, Kochi, Coimbatore, Mysore and Mangaluru.

The company has so far completed 57 residential projects and 4 commercial spanning 34.06 million sq ft.

First Published: Sun, November 19 2017. 17:13 IST