Purvankara Limited has significantly enhanced its real estate portfolio with the recent acquisition of 3.25 million square feet (msft) of land in the latest quarter. This strategic move includes a notable 12.77-acre site located on Ghodbunder Road in Thane, part of the Mumbai Metropolitan Region (MMR), which offers the potential for a carpet area of 1.82 msft.
Additionally, the company has secured a 7.26-acre plot in Electronics City (Hebbagodi) in Bengaluru, providing a potential carpet area of 0.60 msft. Furthermore, Purvankara has acquired landowner shares translating to 0.83 msft of saleable area across three projects in Goa and Bengaluru. From a financial perspective, Purvankara reported impressive quarterly customer collections of Rs 965 crore in Q1FY25, representing a robust year-on-year increase of 39 percent from Rs 696 crore in Q1FY24. Although the company deferred several planned launches to Q2FY25, it achieved a commendable quarterly sales value of Rs 1,128 crore in Q1FY25, closely aligning with the Rs 1,126 crore recorded in the same period last year.
Moreover, the average price realization per square foot rose to Rs 8,746 in Q1FY25, a 6 percent increase from Rs 8,277 in Q1FY24. This increase highlights Purvankara’s ability to maintain pricing strength in a dynamic market environment. These strategic land acquisitions, coupled with strong financial performance, reflect Purvankara’s proactive approach to expanding its footprint and strengthening its market presence. The addition of prime land assets in key urban centres is aligned with the company’s growth strategy, aimed at meeting the increasing housing demands and capitalizing on emerging opportunities in India’s thriving real estate sector. As the demand for quality housing continues to rise, Purvankara’s well-timed investments position it favourably for future growth, reinforcing its commitment to delivering value in the competitive real estate landscape.
