Puravankara Limited, a leading real estate developer in India, highest-ever annual sales value of Rs 5,914 crores in FY24, representing a 90% increase compared to Rs 3,107 crores in FY23. The fourth quarter alone saw a record-breaking sales value of Rs 1,947 crores, up by 93% from Rs 1,007 crores in Q4FY23.
Sales, in this context, refers to the value of flats sold. However, the company does not collect the entire cost of the flat when it sells the flat, and hence the entire sales as reported will not be shown in the year's revenue.
The actual revenue will be shown as 'collections'. On this aspect, the company reported its highest-ever collections from the real estate business during FY24, at Rs 3,609 crores vs Rs 2,258 crores in the previous year, an increase of 60%.
During the year, Puravankara Limited launched 11 new projects, including seven in Bengaluru, during FY24, with a total developable area of 10.76 million square feet and a saleable area of 9.47 million square feet.
Meanwhile, the real estate sector in India is projected to grow at a CAGR of 18.7% from 2020 to 2030, with the market size expected to reach USD 1 trillion by 2030.
The company's success comes in the wake of strong demand for premium and luxury goods in India, even as demand remains poor and under stress for goods consumed by rural and lower income households, including affordable housing.
The luxury and mid-range segments have shown remarkable resilience, driven by the increasing disposable incomes and changing preferences of buyers. But in the affordable segment, demand has been limited despite government initiatives to boost affordable housing, due to factors such as job losses, reduced income, and higher interest rates.