Purvankara Limited has strategically bolstered its real estate portfolio by acquiring an impressive 3.25 million square feet (msft) of land bank in the latest quarter. This acquisition includes significant parcels: a 12.77-acre site at Ghodbunder Road, Thane, Mumbai Metropolitan Region (MMR), offering a potential carpet area of 1.82 msft, and a 7.26-acre plot at Electronics City (Hebbagodi) in Bengaluru, with a potential carpet area of 0.60 msft.
Additionally, Purvankara has secured the landowner share equating to 0.83 msft of saleable area across three projects in Goa and Bengaluru. In financial terms, Purvankara reported robust quarterly customer collections of Rs 965 crores in Q1FY25, marking a significant 39 percent year-on-year increase from Rs 696 crores in Q1FY24. Despite deferring planned launches to Q2FY25, the company achieved a sustained quarterly sales value of Rs 1,128 crore in Q1FY25, closely matching the Rs 1,126 crores reported in the same period last year. Notably, the average price realisation per square foot rose to Rs. 8,746 in Q1FY25, reflecting a 6 percent increase from Rs 8,277 in Q1FY24. This uptick underscores Purvankara’s ability to maintain pricing strength amidst evolving market conditions.
The strategic acquisitions and strong financial performance highlight Purvankara’s proactive approach in expanding its footprint and enhancing market presence. The addition of prime land assets in key urban centres aligns with the company’s growth strategy aimed at catering to growing housing demands and leveraging emerging opportunities in India’s real estate sector.
