Plotted development division of Puravanaka Ltd plans to launch of 38 lakh sq ft worth of projects
Bengaluru: Purva Land, the plotted development business of realty firm Puravanaka Ltd, is planning to launch of 38 lakh square feet worth of projects in the near future. Purva Land presently has six projects totaling about 50 lakh square feet of development area.
Purva Land was launched “to cater to the evolving needs of homebuyers and offer a highly lucrative investment opportunity”. The new brand of the Bengaluru-based realty player Ltd was started with a view to “enable our customers to benefit from a fruitful investment, as well as enjoy greater flexibility with respect to the layout, design, and function of the space”. The existing six projects of Purva Land are in Bengaluru, Chennai and Coimbatore, according to an investors presentation by the company.
For Puravanka Ltd, interestingly, about half of the current projects and around 59 percent of the launch pipeline are non-Bengaluru sites. The company as a whole has 22 million square feet of space ongoing projects and has a launch pipeline of 14 million square feet. Chennai, Hyderabad, Cochin, Coimbatore and Western India are the major focus markets for the company.
Puravankara Ltd clocked a net profit of Rs 155 crore for the first quarter of the current fiscal as compared to a net loss of Rs 17 crore in the same quarter of the previous year. The revenues of the company jumped three-fold at Rs 542 crore in the first quarter of the current fiscal as compared to the same quarter of the previous year. It registered sales value of Rs 314 crore just from ready to move and under construction projects.