Puravankara to launch 13 residential projects this fiscal
June 07, 2019
Bengaluru-based real estate company Puravankara Ltd plans to launch 12,500 units in 13 projects this fiscal, of which six are expected to be located in Bengaluru, three in Mumbai, two in Pune and one each in Chennai and Kochi, according to an investors' presentation.
The estimated construction cost of these projects will be around Rs 3,000 crore, it said.
As per the presentation, the company plans to develop over 11 million sq ft area in these 13 projects, of which 7 projects with 8.2 million sq ft area will be under its Provident brand that caters to mid income customers.
Out of the 13 projects, three are planned for the first quarter of financial year 2021. "Some of these projects have pending approvals, which if expedited can be launched earlier too," it said in a statement.
Ten projects in pipeline are under joint venture with land owners and three owned by the company.
During the last fiscal, Puravankara Ltd sold 3,429 units worth₹2,098 crore compared to 2,781 units for Rs 1,881 crore in 2017-18.
On the financial front, the company's consolidated net profit went up by 25 per cent to Rs 114 crore during the full 2018-19 fiscal as compared to Rs 91.40 crore in 2017-18. The revenues rose 41 per cent to ₹2,126.72 crore during the last fiscal from Rs 1,504.94 crore in FY18, the presentation said.
The company has so far completed 68 residential projects and commercial projects spanning 38.47 msft, primarily across the gateway cities of south and west India. The total area under development is 23.08 ms ft. The total land bank stands at 68.58 m sft.
The company has a pan-India presence with projects in Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Kochi, Goa, Kolkata, Coimbatore and Mangalore.