 "Eyeing expansion in South, West markets: Puravankara CEO Abhishek Kapoor")
Bengaluru-based Puravankara reported a consolidated loss of Rs 7 crore for the fourth quarter FY24. Abhishek Kapoor, group chief executive officer, in an interview on the phone with Aneeka Chatterjee, discusses the factors driving revenue growth and a strategy to strengthen the southern market. Edited excerpts:
Which segments will drive growth in the next two-three quarters?
We will drive growth under Puravankara, Provident, and Purva Land (three brands). As of today, without any addition to acquisition (Rs 300 crore of land advances), we will launch about 14 million square feet in a year. We may be able to add some more and will continue to focus on all three brands.
How does the southern market look in terms of commercial investment and leasing?
There is a positive momentum in the southern market as far as leasing, absorption, and rentals are concerned. We are seeing more transactions and optimism. We have about 3 million square feet under construction and intend to start leasing these spaces by the first quarter of next financial year, and completion around that time.
We are optimistic and evaluating opportunities to expand in commercial real estate both in the south and the west.
What is your project pipeline in commercial real estate in the south?
We are constructing two projects. Our goal will be to scale this up over the next 10 years but it will be gradual. It’s a consistent strategy of leasing and building a portfolio over time. We will continue to invest in commercial properties.
What about debt reduction?
Our debt is at comfortable levels. It is about Rs 874 a square foot. Our net debt is about Rs 2,151 crore. We have repaid IFC and AFK and we have deployed about Rs 300 crore in land acquisition for land advances.
We will see a lot more growth. Our endeavour will be to look at more equity-like transactions.
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