Puravankara Limited records stellar growth in FY24, sales soar by 90%
Puravankara Limited, a benchmark of trust and excellence in the Indian real estate sector, has announced a remarkable achievement in its financial performance for the fiscal year 2024 (FY24). The company reported a 90 percent increase in sales, amounting to Rs 5,914 crores, compared to Rs 3,107 crores in the previous fiscal year (FY23). This growth is a testament to Puravankara’s steadfast commitment to quality and customer satisfaction, reflecting a significant boost in the real estate market’s dynamics.
Further emphasizing its strong market presence, Puravankara Limited also highlighted a 60 percent increase in customer collections, reaching Rs 3,609 crores for FY24, up from Rs 2,258 crores in FY23. The last quarter of the fiscal year, ending March 31, was particularly impressive, with the company recording a sales value of Rs 1,947 crores, a 93 percent increase from Rs 1,007 crores in the corresponding period last year.
Ashish Puravankara, the Managing Director of Puravankara Ltd., commented on the company’s exceptional performance, “Puravankara Limited has achieved a significant milestone by surpassing Rs. 5,900 crore sales showcasing our customer-centric ethos and focus on quality. We are also thrilled to announce our highest-ever collection of Rs 3,609 crores for FY24. This reflects our steadfast dedication to operations and delivery, ensuring significant construction progress. It is also a testimony to customers’ increasing trust in brand Puravankara.”
The company’s strategic initiatives and new project launches have played a crucial role in achieving these milestones. Puravankara Limited embarked on several new ventures across key cities, including Bengaluru, Chennai, and Pune, totaling a developable area of 10.76 million square feet (msft) and a saleable area of 9.47 msft in FY24. These projects, ranging from luxury residential developments to affordable housing solutions, underscore Puravankara’s diverse portfolio and its ability to cater to a wide range of customer preferences.
The Indian real estate sector is witnessing an upward trajectory, with the GDP growth rate during 2023-24 estimated at 7.6 percent. According to a NARDECO report, the sector is expected to grow at a compound annual growth rate (CAGR) of 18.7 percent from 2020 to 2030, reaching a market size of USD 1 trillion by 2030. This growth is propelled by a robust economy, rising incomes, and an increasing demand for quality living spaces.
Puravankara Limited’s record-breaking sales and collections in FY24 not only exemplify its leadership in the Indian real estate market but also reflect the growing consumer confidence and demand for high-quality, customer-focused real estate developments.
As the sector continues to evolve, Puravankara’s commitment to innovation, quality, and customer-centricity positions it well to capitalize on the growing opportunities and contribute significantly to the industry’s future growth.
Puravankara Limited’s extraordinary performance in FY24, marked by a 90% increase in sales and significant achievements in customer collections and new project launches, highlights the company’s strong market positioning and its ability to adapt to changing consumer preferences. This performance is indicative of the broader trends in the Indian real estate sector, which is on a path of robust growth fueled by economic resilience, policy stability, and increasing urbanization. As the sector looks towards a promising future, companies like Puravankara, with their focus on quality, innovation, and customer satisfaction, are poised to lead the way in shaping the landscape of Indian real estate.