Puravankara Q3 sales bookings jump 17% to touch Rs 666 crore

Realty firm Puravankara Ltd's sales bookings rose 17 per cent 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 realisation.

According to its investors 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 per cent to Rs 666 crore in the quarter from Rs 570 crore in the year-ago period.

The average sales realisation increased by 7 per cent to Rs 6,727 per square feet from Rs 6,262 per square feet.

"Market consolidation and general economic development continues to enable strong sales performance; and the same is expected to continue in the near future," the company said.

Puravankara said its new launches of projects are on track to capture these favourable market conditions.

During April-December 2021-22, sales bookings grew 9 per cent 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 per cent to 2.32 million square feet from 2.42 million square feet, while the number of units sold dropped 11 per cent to 1,616 from 1,818.

However, the average price realisation increased 13 per cent to Rs 6,795 per square feet during April-December 2021-22 from Rs 5,989 per square feet in the year-ago period.

"We continue to see improved price realisation across our brands," Puravankara said.

Last week, housing brokerage firm PropTiger.com reported that housing sales across eight major cities increased 13 per cent 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 rise in demand of 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 realisation 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.

The company has projects in Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Kochi, Goa, Kolkata, Coimbatore and Mangalore.

It sells properties mainly under two brands -- Puravankara and Provident.