Increased demand for residential aligns well with economic growth
Listed-Puravankara Limited (BSE: 532891), one of India’s most trusted real estate players, is undertaking three redevelopment projects in Mumbai with a potential gross development value of Rs.3,600 crores while it is in advance discussions for more projects in the fast-growing Indian economy https://attentionindia.com/.
Announcing the consolidated results for FY24, the developer has deployed Rs.300 crores of land advances from internal accruals and debt, showcasing our successful generation of project surpluses and deployment thereof https://www.credai.org/home .
Focused on value creation and future business growth https://www.conexpoconagg.com/ , the company has incurred expenses for marketing and sales to increase pre-sales by 90% and towards General and Administrative (G&A) costs for new acquisitions in new geographies, which is reflected in the P&L.
“We launched 12 projects with a saleable area of 9.47 million square feet, reinforcing our expansion into high-potential micro-markets,” said Ashish Puravankara, Managing Director, Puravankara Limited https://www.puravankara.com/ .
“As of date, we have successfully secured redevelopment rights and have been appointed as the preferred developer for three redevelopment projects in Mumbai with a potential gross development value of Rs.3,600 crores and are in advance discussions for more projects https://www.realestateindia.com/ .”
He highlighted that as part of India’s growth story, real estate is also poised to reach a market size of US$1 trillion by 2030, painting a strong picture for future growth . Increased demand for residential real estate aligns well with the growth in economic activity and rising incomes http://rbi.org.in .
Puravankara https://propertylistings.ft.com/ is well-positioned, financially and operationally, to target growth and increase its market share.
“We will continue strengthening our presence in the southern markets and increasing investments in new geographies, including West and North. We remain committed to building international-quality products, keeping the customer at the center of our strategy,” Puravankara said on 24 May with the release of FY 2024 results.
Financial details as of 31 March 2024:
Total estimated surplus from all completed and ongoing projects is Rs.7,455 crores.
The estimated surplus from commercial projects stood at Rs.1,356 crores.
The estimated surplus from the launch pipeline stood at Rs.2,696 crores.
The total estimated surplus stood at Rs.11,507 crores.
Profit was Rs.42 crore, down 33% Y-o-Y. fiinews.com
