13 Projects – Lucky Number sometimes
Bengaluru the city of Technology as its called is setting up a new trend. Bengaluru-based realty firm Puravankara Ltd has chalked out an expansion plan to start 13 new housing projects this fiscal at an estimated construction cost of around Rs 3,000 crore seems 13 is going to be a lucky number. The company is set to launch in the current fiscal 13 projects, of which six are in Bengaluru, three in Mumbai, two in Pune and one each in Chennai and Kochi, according to an investor presentation.
Ten projects in the pipeline are under a joint venture with landowners and three owned by the company. The company would develop over 11 million sq-ft area in these 13 projects, of which 7 projects with 8.2 million sq-ft area to be under its Provident brand that caters to mid-income customers. Puravankara will develop about 12,500 units in these 13 projects at an estimated construction cost of around Rs 3,000 crore. The company has created a robust launch pipeline as it sees a gradual recovery in housing sales post adverse impact of note-ban, realty law RERA, and the GST. During the last fiscal, Puravankara Ltd sold 3,429 units worth Rs 2,098 crore compared to 2,781 units for Rs 1,881 crore in the 2017-18.
On the financial front, Puravankara’s consolidated net profit went up by 25% to Rs 114 crore during the full 2018-19 fiscal as compared to Rs 91.40 crore in 2017-18. The revenues rose 41% to Rs 2,126.72 crore during the last fiscal from Rs 1,504.94 crore in FY18.
Puravankara Ltd MD Ashish R Puravankara, said, “FY19 ends on a positive note for us as we continue our momentum and stay on the path of gaining market share, and hence strong and sustainable growth.”