DEAR VALUED SHAREHOLDERS:
DESPITE THE INDUSTRY CHALLENGES OUR STRONG LEADERSHIP SUPPORTED BYOUR COMMITTED EXPERIENCED AND PROFESSIONAL TEAM STEERED PURAVANKARA TO CONTINUE TODEVELOP INNOVATIVE PRODUCTS ALIGNED WITH MARKET NEEDS. THE STRENGTH AND RESILIENCE THAT WEHAVE SHOWN HAVE PLACED US AT THE FOREFRONT OF SUSTAINABLE AND PROGRESSIVE PROPERTYDEVELOPMENT IN INDIA.
Embracing a long-term perspective in an evolving industry environment
It is heartening to see the way Puravankara performed in delivering onits key strategic objectives amidst a challenging market environment.
The economic landscape in India is evolving fast and consumerexpectations are high. Further market uncertainty arising from global trade disruptionsdigital advancements the unprecedented public health scare and even more discerning aswell as value- focused customers seem to be the new normal' of this decade.
At our Company we have always fa ced adversity with grace and gritfocusing on riding inflection points to sustain value creation for our customers andstakeholders. We have used disruptions to engage in creative thinking while embracinginclusion and pursuing growth with responsibility to create benefits that are meaningfulfor everyone in the business and the society at large.
Continued vigilance and caution rooted in awareness together with ourability to manage vulnerabilities and risks are critical to ensure that our growthmomentum is sustained well into the future. Today we are focused on responding to changesin the property cycle while enhancing our economic fundamentals. We are doing so byleveraging our core strengths in responsiveness which is anchored on our ability tocreate diverse developments that tend to have high resonance with our customercommunities. Of course we also emphasise on enhancing our sustainability credentials andstrive to be known as a leader in industry best practices.
Meeting the needs of the market with confidence agility andresponsibility
A key advantage of being in the real estate development business isthat it allows us to feel the pulse of the economy. Such an advantage expands our abilityto align our product launches and our propositions with market trends needs andrequirements.
As an outcome of extensively engaging with our customers and potentialproperty buyers while also closely observing purchase patterns behaviours and othereconomic indicators we had rightly assessed that the most significant demand would emergefrom affordably-priced value-driven properties. Hence we focused on this segment throughour now well-established Provident brand that has had a market presence of over a decade.Today Provident has emerged as our primary growth engine accounting for almost 46% ofour ongoing projects and 74% of our launch pipeline.
A number of our new offerings conceived during the early part of 2020and launched in the first quarter of the current financial year were substantially takenup on the day of or during the weekend of their launches. Thus our sales momentum notonly demonstrated the synchronisation of our offering with market demand but alsoshowcased our relentless focus in maintaining our quality standards which reinforced thebonds of trust that people have in our developments.
Further in marketing our Puravankara-branded properties weintensified our efforts in reaching out to the extended Indian Diaspora where we saw theopportunity of catering to the demand for asset investment and home ownership among theselarge and prosperous communities who we sensed desired to deepen their links with theirhome country.
Navigating the changing landscape through heightenedcustomer-centricity
With the Indian real estate consumer becoming more tech- savvy andglobally-aware we are witnessing a perceptible shift in their definition of luxury.Luxury today for them is about having time in their hands having good health and having avariety of conveniences at their fingertips.
Thus we determined the need for living spaces that would complementthese new' aspirations and launched Puravankara WorldHome Collection (WHC)comprising large sustainable and ultra-luxurious urban spaces that would represent thefuture of smart and feature- rich developments in India. We launched our first projectPurva Atmosphere in Bengaluru under WHC that comes with a whole host of BluNex-poweredsmart features that enable residents to control various smart appliances even upholsteryat the touch of a button. Going forward WHC will be location-specific projects in largemetropolitan centres that display distinct appetite for such evolved developments.
To my mind raising awareness on important topics around real estatelike urban planning and decongesting/de-densifying cities etc. is not just the need ofthe hour but also important to facilitate improved decisionmaking for state authoritiesreal estate developers and eve n consumers. I'm proud to say that we attempted to dothis in a unique way with our curated collection of short appealing videos underUrbaNext: The Future of Living' platform in association with BloombergQuintBrand Studio.
The objective of this series was to decode and discuss pressing issuesin real estate by inviting technology urban planning and real estate specialists whilealso highlighting the path-breaking innovations spearheaded by Puravankara. The initiativeenabled us to garner substantial social media traction including 3 mn+ on-site displayimpressions and 10000+ clicks onsite.
Similarly with a view to reinforce our ability to reach out tocustomers for Provident we launched an exclusive digital marketing and sales platformunder BookMyHome.com. With digital adoption accelerated by the pandemic we wanted toinitiate the ultimate test - would the real estate buyer book in our projects without evenvisiting the site once? As BookMyHome.com showed they did! I extend credit to our digitaland marketing teams for developing a world-class virtual platform that has emerged as anexciting new sales channel.
Taking everyone along on our journey of value creation
We seek to grow not only to ensure our business sustainability butalso to be able to create greater value for our stakeholders key among whom are ourshareholders customers employees and the community.
The relevance and quality of our products and our success in aligningour offerings in the context of major demand patterns is reflected in a string ofprestigious local and international awards that we have won over the years. In 2019-20itself we were heartened by receiving a number of awards and accolades which representsatisfying external endorsement.
Our employees are our most valuable asset and we have always nurtureda workplace that encourages empowerment and collaboration ensuring our people can realisetheir full potential. We focus on building performance benchmarks by having the righttalent in the right role optimising on people productivity.
Acknowledging the role we can play to create greater economic equitywe contributed to numerous empowerment programs through our social responsibility efforts.Through one of our flagship initiatives under education we offered full scholarship tonurture 60 bright students who not only excelled academically but also have the rightvalues to contribute as responsible citizens of the nation. At the same time we continueto cultivate a caring society through our various other initiatives most notably in urbanrejuvenation and sustainable living.
Thank you for being an intrinsic part of our journey
It is my greatest honour to serve the Company and I would like tothank every single one of our colleagues for their tireless contribution excellentteamwork and inherent spirit of not giving up. With such a team I am confident thatPuravankara will continue to grow and adapt to any situation and environment.
I would like to express my gratitude to my fellow Board members fortheir wise counsel and instructive guidance as well as the leadership team whosecommitment and dedication have helped us to achieve our goal of creating a robustorganisation that is quick to adjust to evolving realities.
I would also like to take this opportunity to thank our shareholdersfor their continued support. With a proven resilient track record and a comprehensivestrategic plan in place
Puravankara is well-positioned to generate long-term value.
RAVI PURAVANKARA - Chairman