Puravankara's H1 FY23 sales bookings up 43% to record ₹1,306 cr
Bengaluru-based realty firm, Puravankara Ltd‘s sales bookings have risen 43 per cent to a record ₹1,306 crore during H1 FY23 on better housing demand.
Its sales bookings stood at ₹910 crore in the year-ago period.
According to an operational update, the company’s sales bookings in volume terms rose 32 per cent to 1.76 million square feet during the first six months of this fiscal, from 1.33 million square feet in the year-ago period.
Sales realisation improved to ₹7,421 per square feet in H1 FY23 from ₹6,845 per square feet in the corresponding period of the previous year.
Housing sales up 49 per cent in July-Sept across 8 major cities: PropTiger
Despite the increase in overall interest rates, the demand for housing has not dipped.
The company achieved its highest sale value of ₹1,306 crore for the first half of any financial year since inception.
Puravankara is on track for its launch pipeline of over 15 million square feet and doing necessary investments for the same.
“The demand for real estate is seeing new peaks with each passing day, especially with festive starting, we expect the same momentum to continue,” the company said.
Puravankara has completed over 43 million square feet and 75 projects. It has a presence in Bengaluru, Hyderabad, Chennai, Kochi, Coimbatore, Mangaluru, Kolkata, Mumbai, Pune, and Goa. It also has an overseas presence in GCC nations and Sri Lanka.
Growth in sales
In the last 18 months, all major listed real estate developers have been reporting decent to high growth in their sales bookings numbers.
Prestige Estates, Macrotech Developers (Lodha group), Godrej Properties, and DLF Ltd are the top performers in annual sales bookings.
Other listed entities including Oberoi Realty, Sobha, Mahindra Lifespace, Indiabulls Real Estate, Brigade Enterprises, Puravankara Ltd, and Shriram Properties are also giving them tough competition.
Their figures suggest that sales remained strong despite increase in the interest rates on home loans, from around 6.5 per cent to about 8.5 per cent in the last five months.
Since May, the RBI has increased the repo rate by 190 basis points to tame inflation. Banks have passed on the repo rate hike by raising mortgage rates.
All property consultants, including Anarock, PropTiger and Knight Frank, have reported that housing sales across 7-8 major cities grew during January-September period of 2022 as against the year-ago period.
Housing sales this year are likely to beat pre-Covid numbers.