Real estate developer Puravankara Ltd. reported a 62% year-on-year (YoY) increase in pre-sales to ₹2,136 crore in the second quarter of FY27, compared to ₹1,322 crore in the year-ago period, according to its operational update filed on Tuesday, October 13.
Customer collections increased by 24% from last year to ₹1,301 crore from ₹1,047 crore, while the sales area increased by 22% to 1.83 million square feet.
Average price realisation improved 32% to ₹11,651 per square feet, compared with ₹8,814 per square feet a year earlier.
Managing Director Ashish Puravankara said: “Our focus is on scaling the business while maintaining discipline in pricing, capital deployment and execution.”
He added that the company’s priority was to translate its development potential into launches, sales and cash flows while remaining selective in capital deployment.
Development pipeline expands
Puravankara added projects with an estimated gross development value (GDV) of ₹8,900 crore in Q2FY27, taking additions during the first half of FY27 to ₹14,100 crore. The company added 10.74 million square feet of potential developable area across Bengaluru, Mumbai and Greater Noida during the six months.
Additions during the September quarter included a 7.83-acre land parcel in southeast Bengaluru with a potential GDV of over ₹1,100 crore, redevelopment rights for three residential societies in Goregaon West, Mumbai, with an estimated GDV of ₹2,600 crore, and a 13.44-acre land parcel in Greater Noida with a GDV potential of ₹5,200 crore.
The company launched three projects during the quarter, Westend and Equinox 6 in Bengaluru, and Miami in Mumbai, with a combined developable area of 1 million square feet. Including a phase launch at Emerald Bay in Pune during the June quarter, total developable area launched during the first half of the current financial year stood at 1.13 million square feet.
Project completions and handovers
Puravankara completed 0.41 million square feet at One Park Avenue in Mumbai during the September quarter, taking total project completions in H1FY27 to 2.13 million square feet.
The company handed over 977 homes, spanning 0.97 million square feet, during the recently concluded quarter. Cumulative handovers for the first half of FY27 stood at 1,722 homes across 1.92 million square feet.
Separately, Puravankara completed the sale of its commercial property, Purva Zentech, to an entity backed by ICICI Prudential Asset Management Company on September 30. The transaction valued the asset at an enterprise value of ₹625.94 crore and was executed through the transfer of the company’s entire shareholding in Purva Ruby Properties Private Limited.
Shares of Puravankara gained as much as 2% after the business update announcement to make an intraday high of ₹215.1. The stock though, has given up all the gains and is now trading 0.4% lower at ₹209. Shares are down 13% so far this year.
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