Puravankara Limited, a Bengaluru based real estate developer after launching 68 residential and commercial projects that have expanded over 38.47 ms ft successfully in south and west India is set to launch 13 brand new projects. This company has made its presence pretty clear all over India and has huge projects in Kolkata, Goa, Kochi, Chennai, Bengaluru, Hyderabad, Pune, Mumbai, Coimbatore, and Mangalore. Puravankara will launch six of these projects in Bengaluru itself, three of them in Mumbai, two of them in Pune, and one each in Kochi and Chennai.
The overall estimated worth of this new project by Puravankara limited is Rs.3000 crore. According to the sources, ten of these projects in a sequence are under a joint venture with local landowners and the rest seven of these projects are officially owned by the company. With the recent project presentation from the company, it has been depicted that the company will grow 13 of these projects on a land of over 11 million sq ft and the rest 7 projects will grow over a land of 8.2 million sq ft area. In these 13 projects, the company will unfold up to 12,500 units whose estimated construction worth is of near about Rs. 3000 crore. According to sources, 3 projects out of 13 are planned for the construction for the first quarter of financial year, 2021. Some of these projects are still yet to be proved officially by
the higher authorities unless if they are rushed in order to launch earlier.
It is said that during the last fiscal, this company has sold 3,429 units that cost near about Rs. 2,098 crore than that of the year 2017-18’s 2,781 units worth Rs. 1,881crore. Puravankara’s net profit has risen up to 25% that is Rs. 114 crore in the year of 2018-2019 as compared to the amount of Rs.91.40 crore in 2017-2018 and the revenue has risen up to 41% that is Rs. 2,126.72 crore than that of the previous fiscal of Rs.1,504.94 crore.
This new project by the Puravankara Limited has offered them high profit and revenue in order to complete the construction status. They also have had gradual recovery in the terms of housing sales, GST, realty law RERA, and the post situation of demonetization. Mr. Ashish R Puravankara, the managing director of Puravankara limited, during the official presentation, said, ‘’FY19 ends on a positive note for us as we continue our momentum and stay on the path of gaining market share, and hence strong and sustainable growth.’’ Puravankara Limited Company overall is a trusted real estate developer that is one the first ever real estate developer that has earned the FDI in the industry of construction. It also has a joint venture with a Singapore based real estate developer; Keppel Land limited. The joint ventures of both the developers have turned out to be known as Keppel Puravankara Development Private Limited. The housing projects of this joint venture are yet to be publicly showcased but it is made sure that it already meets the market need in order to make it a successful property launch all over India. Apart from the brand new 13 projects, Puravankara limited has developed several affordable housing segments all over the country and over 12 million square feet sized projects are going on.
It is still said that this company has been meeting all the expectations up to a greater extent and promises to continue to be the most preferred real estate company in India which proposes not only the best residential property but also the best commercial property.