Puravankara Ltd plans to launch half of new projects in affordable category
Bengaluru: Real estate developer Puravankara Ltd is focusing big on the affordable housing category with about half of its new launches scheduled to fall in this category.
Puravankara Ltd has lined up about 7.07 million square feet of space for launch under the ‘Provident’ brand created few years ago by it for affordable housing foray. This translates into int49 percent of the launch pipeline of the company of a total of 15.51 million square feet. The company plans to launch about 3.86 million square feet of space under the ‘Purva Land’ brand which has been created for plotted development. The rest of the 3.58 million square feet will be launched under the flagship brand Puravankara, the company said in its recent investors’ presentation.
For Puravanka Ltd, interestingly, about half of the current projects and around 59 percent of the launch pipeline are non-Bengaluru sites. The company as a whole has 22 million square feet of space ongoing projects and has a launch pipeline of 14 million square feet. Chennai, Hyderabad, Cochin, Coimbatore and Western India are the major focus markets for the company.
Puravankara Ltd clocked a net profit of Rs 155 crore for the first quarter of the current fiscal as compared to a net loss of Rs 17 crore in the same quarter of the previous year. The revenues of the company jumped three-fold at Rs 542 crore in the first quarter of the current fiscal as compared to the same quarter of the previous year. It registered sales value of Rs 314 crore just from ready to move and under-construction projects.
Provident brand is meant to cater to first-time buyers of home, especially those seeking value homes. Provident has housing projects in Hyderabad, Bengaluru, Pune, Mumbai, Goa, Chennai, Mangalore, Kochi and Coimbatore. It currently has developable area of about 11.21 million square feet and saleable area (economic interest) of around 6.49 million square feet.