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Puravankara's FY23 Sales Booking Up 29% To Record Rs 3,107 Crore

Bengaluru-based Puravankara's sales booking stood at Rs 2,407 crore in 2021-22.

<div class="paragraphs"><p>(Source: <a href="https://unsplash.com/fr/@schluesseldienstvergleich_eu?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Maria Ziegler</a>/ <a href="https://unsplash.com/photos/jJnZg7vBfMs?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>)</p></div>
(Source: Maria Ziegler/ Unsplash)

Realty firm Puravankara on Wednesday said its sales bookings rose 29% to a record Rs 3,107 crore in the 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 the last fiscal, the housing segment contributed 100% to the total sales booking. During the previous year, the share of residential properties was around 98–99%, and the rest came from the sale of commercial assets.

In terms of area, sales bookings grew 14% to 4 million square feet in the last fiscal from 3.52 million square feet in the previous year. Sales realisation, too, rose 14% to Rs 7,768 per square foot from Rs 6,838 per square foot, 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 totaling 14 million square feet in the coming quarters.

In the fourth quarter of last fiscal year, the company said it achieved sales bookings of Rs 1,007 crore, up 21% 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 indicate 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 nine cities: Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa.