Puravankara bookings fall 17% to Rs 1,331 cr despite strong housing demand

Realty firm Puravankara Ltd's sale bookings fell 17 per cent to Rs 1,331 crore in the second quarter of this fiscal year despite strong housing demand.

Its sale bookings stood at Rs 1,600 crore in the year-ago period.

The company sold properties worth Rs 2,459 crore during the first six months of this fiscal year, down from Rs 2,725 crore in the corresponding period of the previous year.

"In Q2FY25, we have achieved collections of Rs 1,033 crore and pre-sales of Rs 1,331 crore mostly from sustenance sales. Our performance continues to reflect robust housing demand across key markets, driven by our strategic focus on customer-centric offerings and operational efficiencies," Ashish Puravankara, Managing Director of Puravankara Ltd, said.

In the first half of the fiscal, he said the company witnessed sustained traction across its portfolio and continued to replenish land bank by acquiring over 5.75 million square feet of saleable area in Mumbai, Bengaluru and Goa with a total potential GDV (gross development value) of around Rs 10,000 crore-plus in this financial year.

"We remain confident in maintaining this growth momentum as we prepare for the festive season, with over 12 million square feet of new launches for the second half of the financial year with potential GDV of over Rs 13,000 crore," Ashish said.

Bengaluru-based Puravankara is one of the leading real estate firms in the country.