The company’s average price realisation fell 2% to Rs 7,610 per square feet (sft) during Q3 FY24 from Rs 7,767/sft in Q3FY23. This is attributed to an inventory mix between Purva, Provident Housing and Purva Land brands.

The company achieved highest ever customer collections from the real estate business, which increased to Rs 941 crore in Q3FY24 compared to Rs 621 crore in Q3FY23, up by 52% YoY.

During the quarter, the company has launched two projects in Bengaluru and Chennai. The total saleable area of two projects stood at 3.76 msft.

On nine month basis, the company achieved 89% sales to Rs 3,967 crore in 9M FY24 as compared to Rs 2,100 crore reported in 9MFY23.

The company’s average price realisation increased by 5% to Rs 7,916 (sft) during 9M FY24 from Rs 7,528 per sft in 9M FY23.

On outlook front, the company said that current positive economic conditions have generated an unprecedented demand for quality residential real estate, and we are clearly observing it in the sustenance sales of our ongoing projects. We are optimistic about maintaining this sales momentum. This confidence is rooted in a blend of strategic vision, customer-centric strategies, and an unwavering dedication to maintaining high-quality standards.

Ashish Puravankara, managing director, Puravankara, said, “The first nine months of FY24 has seen exceptional pre-sales, marking a strong growth of 89 per cent YoY. Achieving our highest-ever collection of Rs 2,515 crore for 9MFY24 and Rs 941 crore for Q3FY24 is a testament to our significant progress in construction while affirming our commitment to excellence in quality

The successful launch of two new projects and a promising pipeline of upcoming launches shows our confidence in sustaining this positive momentum. Our focus on efficiency and prompt execution has contributed to these impressive pre-sales and collection numbers.”

Puravankara is engaged in the business of real estate development.

The real estate company reported net loss of Rs 11.20 crore in Q2 FY24 as agaist net loss of Rs 17.14 crore in Q2 FY23. Revenue from operations jumped 53.8% YoY to Rs 368.33 crore in Q2 FY24.

The scrip hit an all-time high at Rs 243.90 in intraday today.