Puravankara on Wednesday said its sales booking rose 29 per cent to a record Rs 3,107 crore in last fiscal year on higher volumes and better price realisation amid strong housing demand. Bengaluru-based Puravankara’s sales booking stood at Rs 2,407 crore in 2021-22.
In last fiscal, the housing segment contributed 100 per cent to the total sales booking. During the previous year, the share of residential properties was around 98-99 per cent and rest came from sale of commercial assets.
In terms of area, sales booking grew 14 per cent to 4 million square feet in last fiscal from 3.52 million square feet in the previous year. Sales realisation, too, rose 14 per cent to Rs 7,768 per square feet from Rs 6,838 per square feet, according to a regulatory filing.
Company’s Managing Director Ashish Puravankara said, “We have achieved the highest ever annual and quarterly sales of any financial year since inception, with Q4 sales of Rs 1,007 crore and FY23 sales at a record high of Rs 3,107 crore.”
“The company has consistently experienced growth during FY23, indicating our sustained efforts towards gaining market share. Despite maintaining a strong pace of sales growth, our unwavering commitment to execution, prompt delivery, and customer satisfaction remains at the forefront of our priorities,” he said.
Ashish expected the pre-sales growth momentum to continue, driven by a healthy pipeline of new launches of 14 million square feet in coming quarters.
In the fourth quarter of last fiscal year, the company said it achieved sales booking of Rs 1,007 crore, up 21 per cent compared to Rs 831 crore in Q4 of FY22.
“The continued strong momentum and high demand are positive indicators for the real estate market which indicates that there is a healthy balance between supply and demand, with more buyers than available properties. The unchanged repo rates will further support the existing growth momentum. In this consolidation phase, we expect to potentially gain market share,” the company said.
Puravankara has so far completed 80 projects measuring 45 million square feet across 9 cities – Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune and Goa.